This paper studies the long-run risk embedded in the news about future investment-specific technology (IST). The IST news shock, which reflects future technological improvements in the production of investment goods such as computers, machines, and equipment, causes persistent future consumption...

Despite growing importance of project loans in funding large-scale projects, there is a void in the literature examining market reactions to project financing. Using a unique hand-collected sample of project finance approval announcements by Australian-listed mining firms, we document a...