gap is reliably and positively associated with firm performance and risk and with the riskiness of investment and …

activity, consistent with free cash flow agency theory. Corporate giving discourages managers from pursuing external financing …We find that corporate giving represents a private benefit of control that distorts corporate investment and financing …, corporate charitable contributions fall, while investment rises, suggesting suboptimal investment caused by managerial private …

between routine and "investment spike" financing. This study documents significant heterogeneity in investment spike financing …, particularly by firm size. Further, when spike size or pre-investment leverage is larger, unlike large firms, small firms issue … less equity. These results suggest that small firms' financing patterns around investment spikes are consistent with the …

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 …

then compare these facts to equilibrium outcomes predicted by theory. We find public firms have greater research intensity …

managers are younger. Although older CEOs prefer less risky investment policies, I document results suggesting that CEO and … investment policies. Specifically, older CEOs invest less in research and development, make more diversifying acquisitions …