Even though the forward-spot relationship in currency markets is very important for policy makers and for corporate and investment managers, it remains a theoretical and empirical puzzle. In theory the forward rate should be an unbiased forecast of the future spot rate, but this hypothesis has...

In efficient and complete financial markets, internal cash flows should have no impact on investment levels; but in inefficient and incomplete markets, the Pecking Order theory contends that there should be a positive relationship. Further, some studies show that investments of financially...

Even though the forward-spot relationship in currency markets is very important for policy makers and for corporate and investment managers, it remains a theoretical and empirical puzzle. In theory the forward rate should be an unbiased forecast of the future spot rate, but this hypothesis has...

The relationship between equity market valuation and corporate investment is not clear with one research stream supporting the significant influence of equity valuation on investment while another stream deeming it a sideshow. However, unlike this study, prior literature does not account for the...