competition discourage the disclosure of advertising expenses …

We develop a model of investment, payout, and financing policies in which firms face uncertainty regarding their … between retention and payout, between internal or external financing of investment, and between speculation and hedging. In … the model, investment and payout do not always increase with slack for constrained firms and the choice between internal …

Peers' valuation matters for firms' investment: a one standard deviation increase in peers' valuation is associated … with a 5.9% increase in corporate investment. This association is stronger when a firm's stock price informativeness is … lower or when its managers appear less informed. Also, the sensitivity of a firm's investment to its stock price is lower …

We study the performance of investments made at different points of an investment cycle. We use a large data set …

I develop a dynamic model of investment timing in which firms must first choose when to search for external financing …. Search is costly and the arrival of investors is uncertain, leading to delay in financing and investment. Depending on … parameters, my model can predict simultaneous financing and investment or early financing prior to investment. Additionally, the …

impacts a firm's investment efficiency. Using broker mergers and closures as exogenous shocks to the number of analysts … covering a firm we find that firm investment efficiency significantly decreases after losing an analyst. The impact is largest …

We study the performance of investments made at different points of an investment cycle. We use a large data set …

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 …

investment. Firms anticipate information spillover from peers’ investment decisions and delay project exercise to learn from … skilled. Finally, our results suggest that the anticipation of peer information dampens aggregate investment …

We study how interest alignment between CEOs and corporate boards influences investment efficiency and identify a novel … force behind the benefit of misaligned preferences. Our model entails a CEO who encounters a project, gathers investment …