Couch, Robert; Wu, Wei - In: Journal of Economics and Business 64 (2012) 2, pp. 160-184
Because of external financing costs, private business owners often need to self-finance new investment projects. These … correlated with aggregate private investment self-financing needs. To test the cross-sectional asset pricing implications of this … conjecture, we use realized noncorporate investment growth and future forecasted noncorporate investment growth as proxies for …