-level uncertainty and imperfect information over their life cycle. We find that firms make non-negligible and positively correlated … informed. Moreover, young firms tend to wait long before entering or exiting the market faced with high uncertainty about their …

upward movements in realized market return volatility. Common wisdom connects these spikes with elevated uncertainty on … state variables and parameters. I show that infrequent, large and relatively transitory macroeconomic uncertainty shocks …, the onset of the second Gulf War, and the great financial crisis of 2008-2009. I compute macroeconomic uncertainty as the …