percentile) of pension deficit, investment increase by 6.7 cents (9.4 cents) for every dollar increase in cash. As the pension … deficit increases, firms deviate more from the predicted level of investment. These findings suggest that the incremental …, at a fixed cash level, total investment increases as pension deficit increases …

The main objective of this study is to empirically examine the impact of REM on various aspects of investment … real earnings management on investment efficiency. This study utilizes a sample of 11,172 firm-year observations from … future investment. The results demonstrate a robust negative relationship between these two variables. Specifically, a …

-level investment over the business cycles from 1977 to 2011. A dynamic econometric specification of capital accumulation including … find that the investment effects of the variables capturing the demand-side of the capital market, i.e. sales growth and … Tobin's q, behave counter-cyclically, whereas this does not hold for the investment effects of supply-side variables such as …

Using data on corruption convictions from the U.S. Department of Justice, we find that auditors charge higher fees when …

We study the relation between public corruption and the value as well as disclosure policies of firms at the state … informational transparency in more corrupt areas. Local corruption has a less negative effect on industries that sell primarily to …-level corruption, indicating legal jurisdiction matters despite similar local conditions. Results are robust to instrumenting for …