This paper examines the propensity of firms to comove in investment decisions. Although stock return comovement and … herding among investors received considerable attention in existing work, little is known about correlated investment behavior … firms imitate other firms and rely on public information rather than on firm specific private information about investment …

Over the period 1980-2007 multinational firms' investment grew four times faster than worldwide GDP. Yet the evidence … multinational firms' investment and global diversification have significantly increased over the past three decades …

The relationship between investment efficiency and investment transparency is investigated using a sample of Australian … investment efficiency may influence the informativeness of investment disclosures, and present evidence that investment … achieve higher profitability and cash flow from operations surrounding the investment announcements, and that high sales …

We find that motivated monitoring by institutional investors mitigates firm investment inefficiency, estimated by … type. We also show that closer monitoring mitigates the problem of both over-investing free cash flows and under-investment …

This paper explores whether national culture explains the deviation from the optimal investment, as measured by under …- and over-investment compared to the optimal investment level, and the impact of this deviation across cultural dimensions … that assertiveness and gender egalitarianism lead to a greater deviation from the optimal investment whereas institutional …

show that export firms with more concentrated destinations are less responsive to investment opportunities and behave more … of understanding the global supply chain when studying investment decisions …