We examine quantitatively the extent to which financial distress in the 90s affected Japanese corporate investment …. Based on the firm-level data that includes small, unlisted firms, we estimate investment function to measure the impact of … financial distress on investment. We find that the firm’s ratio of debt to total asset exerts a significantly negative effect on …

We study the effects of monetary-policy-induced changes in Tobin's q on corporate investment and capital structure. We … evidence, and quantify the relevance for monetary transmission to aggregate investment …

outside the U.S. due to a greater decline of intangible investment and a much slower recovery. Tangible capital can be … investment relies on firms’ liquidity holdings that were drawn down in the crisis and can only be rebuilt gradually through … retained profits. We provide a unified account of the findings through a dynamic model of corporate investment and liquidity …

A detailed treatment of aggregation and capital heterogeneity substantially improves the performance of the investment … capital. The model fits well the value, momentum, investment, and profitability premiums simultaneously and partially explains … profitability premiums, as well as the countercyclical and long-term dynamics of the value and investment premiums. However, the …

same time, the positive impact of a marginal increase in debt on investment efficiency disappears if firm debt is already … and banks and investment efficiency. …

level. The firm-level investment rate distribution is highly skewed to the right, with a small fraction of negative … estimated via simulated method of moments, the standard investment model explains the average value premium, while … simultaneously matching the key properties of the investment rate distribution, including the cross-sectional volatility, skewness …

, the positive impact of a marginal increase in debt on investment efficiency disappears if firm debt is already excessive … banks and investment efficiency. …