In recent years China has experienced two forms of extreme macroeconomic imbalance: an expenditure imbalance in the sense of very high investment and very low consumption, giving rise to rapid capital accumulation; and an imbalance between expenditure and production, producing external...

We document that corporate investment contributes to stock liquidity. This study demonstrates a positive relationship between abnormal corporate investment and stock liquidity in the crosssection. Moreover, stock liquidity improves more apparently for firms with financial constraints. Our...

We have examined the volatility and macroeconomic drivers of venture capital investments in the past 17 years from 1995 to 2011. We find that venture capital investments in the U.S. by the total amount, by the number of deals, and by the average amount per deal are significantly affected by...