firm-level capital investment, risk management, and debt issuance. The effects of uncertainty vary significantly by firm … expenditure and debt issuance even after controlling for investment demand. Moreover, the negative effect of uncertainty on … presence of financial frictions, high price uncertainty has significant dampening effects on capital investment of small firms …

We derive the optimal corporate pension portfolio policy in a consolidated setting in the presence of PBGC insurance …

arbitrary (but finite) number of projects and the termination time. The optimal policy depends on the projects' risk … function. We prove that the optimal policy only selects projects in the spanning subset. Further, if the projects' risk …-adjusted drifts are consistently ordered for all output values, then the optimal policy is characterized by at most K-1 switching …

Using a news-based index of aggregate policy uncertainty in the US economy, we document a strong negative relation … between policy uncertainty and corporate risk-taking. We show that high levels of policy uncertainty are associated with … CEOs manage the potential effects that policy uncertainty may have on their wealth by adjusting their portfolios' exposure …

We view innovation investment as a real option and explore the implications of ambiguity (Knightian uncertainty) and …

as applied in the evaluation of investment projects to analyse and assess risk. The first part of the paper highlights … the importance of risk analysis in investment appraisal. The second part presents the various stages in the application of … application including investment decision criteria and various measures of risk based on the expected value concept. The final …