to employment growth, but are also pronounced for investment. Moreover, the medium-term decline in firm employment growth …

Investment booms and asset "bubbles" are often the consequence of heavily leveraged borrowing and speculations of … are consistent with the basic features of investment booms and the consequent asset-market crashes led by excessive credit …

We take a simple q-theory model and ask how well it can explain external financing anomalies, both qualitatively and … quantitatively. Our central insight is that optimal investment is an important driving force of these anomalies. The model … simultaneously reproduces procyclical equity issuance waves, the negative relation between investment and average returns, long …

This paper examines to what extent stock market anomalies are driven by firm fundamentals in an investment-based asset … anomaly. The estimated model generates large and significant size, momentum, profitability, investment, and intangibles …

examine the importance of accounting for investment options in models of credit risk. In the presence of financing and … investment frictions, fi rm-level variables that proxy for asset composition are significant determinants of credit spreads … credit spreads that fail to control for the interdependence of leverage and investment decisions are unlikely to be very …

finance the utility's investment program. Cross-sectional regressions reveal no relation between offer-induced price effects …

spending – combined with investment theory – to estimate the discount rates used by managers. The standard story predicts that … firms in making their investment decisions.We use a revealed preference approach that relies on the pattern of investment … firms with high stock prices and good investment opportunities should have discount rates that do not differ systematically …

spending - combined with investment theory - to estimate the discount rates used by managers. The standard story predicts that … firms in making their investment decisions. We use a revealed preference approach that relies on the pattern of investment … firms with high stock prices and good investment opportunities should have discount rates that do not differ systematically …