In this article we develop a model to analyze patent-protected R&D investment projects when there is (imperfect …. These benefits to society are countered by increased total investment costs in R&D and lower aggregate value of the R …&D investment projects …

The real options framework has been used extensively to analyze the timing of investment under uncertainty. While …. We extend the real options framework to model the investment timing decisions of entrepreneurs with such time …-inconsistent preferences. Two opposing forces determine investment timing: while evolving uncertainty induces entrepreneurs to defer investment …

study the problem of pharmaceutical under-investment in Ramp;D for vaccines to treat diseases affecting the developing …

We document a new business cycle fact: the cross-sectional standard deviation of firm-level investment (investment … dispersion) is robustly and significantly procyclical. This makes investment dispersion different from the dispersion of … productivity and output growth, which is countercyclical. Investment dispersion is more procyclical in the goods-producing sectors …

follow the tradeoff theory of capital structure will be lower than target ratios for assets in place. Our results can … rationalize some empirical financing patterns that seem inconsistent with the tradeoff theory, but rigorous tests of the theory …

technology acquisition. In our research setting, the most common way to exercise the option post-CVC investment is via technology …

In this article we study differences in the returns to R&D investment between firms that sell in international markets …-run benefit from R&D investment for exporting and domestic firms. The results show that R&D investment leads to a higher rate of … export market sales. As a result, exporting firms have a higher payoff from R&D investment, invest in R&D more frequently …

The ifo Investment Survey asks firms in the German manufacturing sector about the importance of sales, technological … factors, finance, return expectations, and macroeconomic policy for their investment activity in a given year. We show that … these subjective investment determinants 1) capture economically what their labels suggest, and 2) have strong explanatory …

The empirical literature that seeks to measure the effective tax rate on new investment offers a striking paradox. On … the one hand, summary measures of the effective tax rate on new investment are normally quite high. On the other hand, the … tax rate on new investment. It is much more robust than the standard measures, such as King-Fullerton marginal effective …

and its investment decisions leads to a systematic premium in the firm's share price relative to expected dividends. Noisy …'s decisions to their own benefit. The managers take advantage of shareholders by taking excessive investment risks when the market …