issues equity if the financing need is high. This result is robust to using the cash for an uncertain investment. Second …Most research on firm financing studies the choice between debt and equity. We model an alternative source -- non …

This paper models the effect of disclosure on real investment. We show that, even if the act of disclosure is costless … cutting investment. Investment depends on asset pricing variables such as investors' liquidity shocks; disclosure depends (non … optimal to induce investment, the manager may be unable to commit to it. If hard information turns out to be good, he will …

incentives for investment in rolling stock, following the privatization of British Rail. Theoretical predictions are tested … incentives for delayed investment. Investing just before the end of the franchise enhances the incumbent’s probability of having …

Over the last decade the World Management Survey (WMS) has collected firm-level management practices data across … recent work on management practices. Our preliminary results suggest that about a quarter of cross-country and within …-country TFP gaps can be accounted for by management practices. Management seems to matter both qualitatively and quantitatively …