Motivated by ongoing debates on investment-cash flow sensitivity (ICFS) and its documented decline and disappearance in … channels: investment intensity and cash flow persistence. As the share of tangible capital, investment and cash flow … capital, have higher investment rates and more persistent cash flows, their ICFS is more stable. The results support our …

I examine the effects of entrenchment on corporate investment and firm performance. To achieve identification, I use a … of overseeing investment projects …

We find that corporate giving represents a private benefit of control that distorts corporate investment and financing …, corporate charitable contributions fall, while investment rises, suggesting suboptimal investment caused by managerial private …

This paper investigates the impacts of defined-benefit (DB) pension plans on the corporate investment choices between … making a major investment. Subject to a major investment decision, however, the firm with higher DB plan coverage is more … countries or industries with a strongly unionized workforce. Further analysis on post-investment performance shows that firms …

We study how interest alignment between CEOs and corporate boards influences investment efficiency and identify a novel … force behind the benefit of misaligned preferences. Our model entails a CEO who encounters a project, gathers investment …

-related information. This exacerbates pre-existing agency frictions and may lead to investment inefficiencies. To counteract this … expense of residual inefficiency. Our findings thus highlight that shareholders' tolerance for investment inefficiencies may … and boards may impact investment efficiency, information quality, project profits, and management rents in a non …

We examine the effects of entrenchment on corporate investment and firm performance. To achieve identification, we use … dodge responsibilities of overseeing investment projects …

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 …