spending - combined with investment theory - to estimate the discount rates used by managers. The standard story predicts that … firms in making their investment decisions. We use a revealed preference approach that relies on the pattern of investment … firms with high stock prices and good investment opportunities should have discount rates that do not differ systematically …

The capital allocation process is a fundamental, organizational capability that drives value creation. The bulk of … extant empirical research, as well as evidence from prominent field studies, concludes that the capital allocation process is … a significant capability weakness: managers appear to make consistently inefficient capital allocation decisions. This …

In this paper we introduce the notion of themes as an additional investment dimension beyond asset classes, regions …, sectors and styles, and we propose a framework to allocate to thematic investments at a strategic asset allocation level. The …

equilibrium, general-equilibrium effects overturn this result: a monetary expansion increases the investment of high …

equilibrium, general-equilibrium effects overturn this result: a monetary expansion increases the investment of high …