: capital investment, hiring, research and development, and advertising. We find that uncertainty depresses capital investment … roughly a third of the fall in capital investment and hiring that occurred in 2008-10 …, hiring, and advertising, but encourages R&D spending. This perhaps-surprising result for R&D is consistent with a theoretical …

Returns merely based on one purchasing price of an asset are uninformative for people regularly contributing to their … literature, giving an overly optimistic view of expected long-term stock market returns and risks. Moreover, around business … exists differ substantially. This article compares risk and returns for regular and lump-sum investors for all possible …

by pooling the idiosyncratic risks of their investment activities. We find that leverage amplifies variations of …