We use forward-looking and exogenous measures of output price uncertainty to examine the effect of price uncertainty on firm-level capital investment, risk management, and debt issuance. The effects of uncertainty vary significantly by firm size. When faced with high price uncertainty, large...

This paper examines how industry-specific uncertainty affects firms' investments for varying degrees of asset irreversibility (i.e. the wedge between purchase price and liquidation value of an asset). To identify more or less irreversible capital goods, we exploit unique survey data on German...

Traditional finance theory suggests that riskier investments should yield higher returns. Challenging this notion, anecdotal and empirical evidence suggests that highly-incented managers may take on excessive risk, leading to greater losses, while other theoretical research argues that high...

In the dual model, the surplus of a company is a Levy process with sample paths that are skip-free downwards. In this paper, the aggregate gains process is the sum of a shifted compound Poisson process and an independent Wiener process. By means of Laplace transforms, it is shown how the...

This paper investigates how competition and firm size affect the relationship between market uncertainty and Ramp;D investment. We use an intuitively appealing measure of firm-specific uncertainty along with panel data to show that firms invest less in current Ramp;D as uncertainty about market...

Im Rahmen der Erforschung von Alternativen zur Verbesserung der Investitionen in Erneuerbaren Energien befasst sich diese Arbeit mit der Modernen Portfoliotheorie und deren Anwendung in Windpark-Investitionen. Die moderne Portfoliotheorie zeigt im Prinzip, wie die Kombination von...

Keine in die Zukunft gerichtete Investition ist völlig risikofrei. Die Betriebswirtschaftslehre beschäftigt sich seit Jahrzehnten mit dem Problem der Investitionsrisiken und hat dazu eine Vielzahl von Instrumenten entwickelt. Das vorliegende Buch widmet sich dem Risiko bei Investitionen in...