costs can not explain our empirical results. Surprise increases in uncertainty leads plants to freeze investment and labor … uncertainty increases, more plants adopt a wait-and-see policy for investment. This, in turn, reduces capital through depreciation … uncertainty shock with respect to economies with stricter regulations. Using additional labor ow data from Germany, France and UK …

-level investment is procyclical. We show that a heterogeneous-firm RBC model with quantitatively realistic countercyclically disperse … state investment rate distribution, produces investment dispersion that positively comoves with the cycle, with a …-sectional firm dynamics ; lumpy investment ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks ; heterogeneous firms …

-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment ; countercyclical risk ; aggregate shocks …

effect of time-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment …

of firm-level investment is procyclical. We show that a heterogeneousfirm RBC model with quantitatively realistic … of the steady state investment rate distribution, produces investment dispersion that positively comoves with the cycle … ; cross-sectional firm dynamics ; lumpy investment ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks …

comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies and inflation, spanning sixteen …, and South Africa. Triumph of the Optimists is required reading for investment professionals, financial economists, and …