investment - results that are consistent with the model's predictions. …

firm's capital investment with respect to investment opportunity. As a direct measure for the productivity of banks, we … the past three decades. The panel estimations for an extended investment equation based on Q-theory show, in a … to capital investment opportunities, provided that these firms hold close relationships with a high performance bank …

investment - results that are consistent with the model's predictions. -- investment ; stock market ; bubble ; dispersion …

returns equal levered investment returns, which are tied directly to firm characteristics. When we use GMM to match average … levered investment returns to average observed stock returns, the model captures the average stock returns of portfolios … sorted by earnings surprises, book-to-market equity, and capital investment. When we try to match expected returns and return …

returns equal levered investment returns, which are tied directly to firm characteristics. When we use GMM to match average … levered investment returns to average observed stock returns, the model captures the average stock returns of portfolios … sorted by earnings surprises, book-to-market equity, and capital investment. When we try to match expected returns and return …

Do investment models fit firm-level data? - which model fits best? To answer this question we estimate alternative … measurement error implies that the investment-cash-flow regressions that have received so much attention are ineffectual to … discriminate among alternative models. In fact, the models that we estimate generate empirically plausible cash-flow and lagged-investment …

The interpretation of the correlation between cash flow and investment is highly controversial. Some argue that it is … caused by financial constraints, others by the correlation between cash flow and investment opportunities that are not … opportunities available only to insiders and thus not included in Q. When this variable is added in investment regressions, the …

The paper develops a model of firm´s investment under uncertainty with financial market imperfections and analyzes the … effects of financial constraints on firm´s investment. Firm´s investment is an increasing function of the firm´s marginal q …, however the investment function is characterized by an upper bound that depends on the firm´s borrowing capabilities. The firm …

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 …