Abstract: The impact of uncertainty on the decision-making of economic agents, such as firms and households, is a important but often neglected element of micro- and macroeconomic theory. With the onset of the financial crisis in 2007 and the strong increase in uncertainty that accompanied it,...

Prologue and preview -- Michal Kalecki's derivation of free cash -- Hobson choice : free cash export or domestic redistribution -- Free cash and the stock bubble of the 1920s -- Veblen's Q- Tobin's Q and relative valuation -- Appendix 1 -- Stagnation and free cash: a neo-Kaleckian model -- The...

League tables associated with various forms of service activities from schools to hospitals illustrate the public need for ranking institutions by their productive performance. We present a new method for ranking production units which is based on each units marginal contribution to the...

I use financial statement information to examine intertemporal investment decisions by publicly traded firms at the aggregate level. I find that aggregate corporate investment negatively predicts aggregate returns in the US and abroad. Corporations invest more when investor sentiment is higher,...

I use financial statement information to examine intertemporal investment decisions by publicly traded firms at the aggregate level. I find that aggregate corporate investment negatively predicts aggregate returns in the US and abroad. Corporations invest more when investor sentiment is higher,...

This study investigates the dynamic response of the change in short interest ratio in the equity market (SIR) to the change in aggregate Tobin's q ratio (∆TBQ). Looking at the quarterly data from 1951Q4 to 2012Q4, the VAR results show that SIR drops following the shock to ∆TBQ after one...