This paper investigates the impact of economic policy uncertainty (EPU) on firms’ investment sensitivity to their peers … uncertainty period in China. To deal with the increasing uncertainty, managers need more information when making investment … effect is more pronounced for firms with higher operating uncertainty, lower price informativeness, and limited access to …

Stokey), and that the value of public information is negative in economies with risk-sharing and no aggregate uncertainty …

average about 40% of the risk neutral fundamental value. Neither uncertainty about the value of total dividend payments nor … horizon uncertainty about the duration of trade can account for this low traded price, while the temporal resolution of payoff … uncertainty plays a crucial role. We find that probability weighting under the Epstein and Zin (1989) recursive preference …