, greater long-term investor ownership is associated with more investment, more equity financing, and less payouts to …

activities come from investment, dividends, or net cash. The model fits a broad set of data moments in large heterogeneous …We estimate a dynamic investment model in which firms finance with equity, cash, or debt. Misvaluation affects equity … than investment. The investment responses are strongest for small firms but nonetheless modest. Managers' rational …

and dividends---is incomplete and misleading: it ignores large offsetting equity issuances that move capital from … investment and cash balances have increased. In sum, the data provide little basis for the view that short-termism in the EU …

investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the … approximations of firm-level investment returns. The evidence that characteristics dominate covariances in horse races does not …” expected returns; the investment approach is no more and no less “causal” than the consumption approach in “explaining …

investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the … approximations of firm-level investment returns. The evidence that characteristics dominate covariances in horse races does not …” expected returns; the investment approach is no more and no less “causal” than the consumption approach in “explaining …

We derive and test q-theory implications for cross-sectional stock returns. Under constant returns to scale, stock … returns equal levered investment returns, which are tied directly to firm characteristics. When we use GMM to match average … levered investment returns to average observed stock returns, the model captures the average stock returns of portfolios …

We derive and test q-theory implications for cross-sectional stock returns. Under constant returns to scale, stock … returns equal levered investment returns, which are tied directly to firm characteristics. When we use GMM to match average … levered investment returns to average observed stock returns, the model captures the average stock returns of portfolios …

This paper studies the effect of option trading on corporate investment and financing policies. Based on prior … capital. As a result, firms with high option trading have more investment and financing. Specifically, based on the United … States public data, this paper finds that option trading volume increases corporate investment and financing, but reduces …

distorting corporate investment and financing decisions, investor portfolio allocation decisions, fund manager skill assessments …