We present evidence that referenda have a significant, detrimental outcome on investment. Employing an unsupervised … policy-related uncertainty. Examining the relationship of these indices with investment on a longitudinal panel of 3 … uncertainty to investment. Our preferred specification suggests that a one standarddeviation increase in Brexit uncertainty …

The aim of this paper is to investigate the effect of economic policy uncertainty on firms' investment decisions. We … focus on Spain for the period 1998-2014. To measure policy-related uncertainty, we borrow the economic policy uncertainty … (EPU) indicator available for this country. We find strong evidence that uncertainty reduces corporate investment. This …

The real options tradition originally predicted a decreasing relationship between uncertainty and investment, through …. The "opposing" effect is not always opposing. Systematic risk cannot generally be assumed to increase with volatility. A … probability is not the best measure of investment. The sign of the total effect is again ambiguous. This ambiguity is illustrated …

between investment and uncertainty across and within countries. For example, while investment in France, Italy and Spain … structural vector autoregression model to study the relationship between different sources of uncertainty and investment in … machinery and equipment as a proxy for business investment. We document strong heterogeneity and asymmetries in the relationship …

emerging markets. The paper measures the risk of short-term exposure by estimating, at the firm level, the effect on investment …Substantial attention has been paid in recent years to the risk of maturity mismatch in emerging markets. Although this … risk is microeconomic in nature, the evidence advanced thus far has taken the form of macro correlations. This paper …

investment - results that are consistent with the model's predictions. …

. Inside ownership reflects the classic tradeoff between incentives and risk diversification, and the severity of agency costs … terms reflecting both idiosyncratic and systematic risk, and weaker investor protection increases the weight on … idiosyncratic risk. Using firm-level data from 38 countries, we estimate the predicted relationships among investor protection …

The impact of uncertainty on firms' investment outlays is subject to an ongoing debate. Theory identifies several … channels. Irreversibility, financing constraints and risk aversion make a negative relationship between uncertainty and … investment likely. On the other hand, the ability of firms to adapt after uncertainty is resolved can make a risky strategy more …

We present a comparable set of results on the monetary transmission channels on firm investment for the four largest … euro-area countries (Germany, France, Italy and Spain). With particularly rich micro datasets for each country containing … channel. For each of those countries, we estimate neoclassical investment relationships, explaining investment by its user …

Recent theoretical developments relating to investment under uncertainty have highlighted the importance of … irreversibility for the timing of investment expenditures and their expected returns. This has subsequently stimulated a growing … empirical literature which examines uncertainty and threshold effects of investment behaviour. This paper presents a review of …