This article analyzes the relationship between the risk-adjusted performance of hedge funds and their proximity to … funds with a physical presence (head or research office) in their investment region outperform other hedge funds by 3 … underperformance relative to nearby funds. It appears that distant funds trade investment performance for better access to capital …

returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend … firm characteristics - Tobin's Q, past investment, earnings-price ratios, market betas, and idiosyncratic volatility of … the firm's exposure to IST shocks and risk premia. Our calibrated model replicates: i) the predictability of returns by …

This paper theoretically investigates the effect of uncertainty about future investment on expected stock returns …. Based on a real options framework, we incorporate the learning-by-doing effect to analyze the irreversible investment … problem. In our investment decision framework, the timing of expansion is endogenous and results from a value …