Capital expenditures by the top 100 firms make up more than 60% of aggregate investment by publicly traded firms, and … explain most of the variation in aggregate net fixed private non-residential investment. Surprisingly, these firms have the … highest investment-cash flow sensitivity in the economy, despite being the least financially constrained. Further, contrary to …

capital to units with better investment opportunities, state groups do the opposite, especially when part of the “national … discipline state groups' tendency to ignore investment opportunities. We trace capital allocation decisions to the objectives of …

capital to units with better investment opportunities, state groups do the opposite, especially when part of the “national … discipline state groups' tendency to ignore investment opportunities. We trace capital allocation decisions to the objectives of …

ownership on the CVC's investment turns negative. It suggests that institutional investors discourage risky CVC investments by …

We assess the impact of credit constraints on investment, inventories and other working capital and firm growth with a …, as firms with poor investment and growth opportunities may have a higher probability of being credit constrained. We … implement several strategies to overcome this obstacle: proxies for investment opportunities, lagged regressors, random effects …

This paper links the CEO's concerns for the current stock price to reductions in real investment. We identify short … assets), 11% of the average investment-to-assets ratio. Vesting equity is also associated with positive analyst forecast … determined by equity grants made several years prior, and thus unlikely to be driven by current investment opportunities, our …

A detailed treatment of aggregation and capital heterogeneity substantially improves the performance of the investment … capital. The model fits well the value, momentum, investment, and profitability premiums simultaneously and partially explains … profitability premiums, as well as the countercyclical and long-term dynamics of the value and investment premiums. However, the …

the firm-level investment in 14 Asian countries over the period of 1990-2010. We used Panel smooth transition regression … splitting of firms into constrained and unconstrained firms used in the linear investment models. Our results show that PSTR … investment models have higher explanatory power than linear investment model. Our estimation results from the PSTR investment …

How do firms vary their capital investment and financing policies in response to business cycle fluctuations within … aggregate business cycle, we find that firm-level capital investment and debt issuance are procyclical, whereas net equity …