uncertainty inherent in R&D investment. Taken together, our empirical findings suggest that country and firm characteristics …

higher ratio of cash holding when they have more uncertainty about their business performances. The higher the uncertainty in …

considering predictive model uncertainty as well as parameter uncertainty. Three predictive models are estimated: the model with … portfolio weights are substantially different from those when the model uncertainty is not incorporated. This means that the … model uncertainty is present, and that it influences on the portfolio selection. We believe that our Bayesian framework can …