uncertainty (EnvPU) available on a monthly basis over the 1990-2019 period. We find that our EnvPU index spikes during the …-and-trade climate bill and during the Trump presidency. We examine how elevated levels of environmental policy uncertainty relate to … energy exchange-traded fund. Overall, our results are consistent with the notion that policy uncertainty has adverse effects …

We study the effects of monetary-policy-induced changes in Tobin's q on corporate investment and capital structure. We … evidence, and quantify the relevance for monetary transmission to aggregate investment …

, scope, and investment decisions, and we outline their connection to recent macroeconomic and financial trends in the US …

We show how real and financial frictions amplify the impact of uncertainty shocks. We build a model with real frictions …, and find adding financial frictions roughly doubles the impact of uncertainty shocks. Higher uncertainty alongside … financial frictions induces the standard real-options effects on investment and hiring, but also leads firms to hoard cash …

We re-examine the basic investment problem of deciding when to incur a sunk cost to obtain a stochastically fluctuating … benefit. The optimal investment rule satisfies a trade-off between a larger versus a later net benefit; we show that this … demand curve. We reinterpret the optimal investment rule as a markup formula involving an elasticity that has exactly the …

This study uncovers a statistically significant negative correlation between volatility and private investment over the … number of different measures, volatility reduces private investment in developing countries. We then show that the …

The theoretical relationship between investment and uncertainty is ambiguous. This paper briefly surveys the insights … theoretical effects. Our results from a panel of U.S. manufacturing firms indicate a negative effect of uncertainty on investment … consistent with theories of irreversible investment. We find no evidence for a positive effect via the channel of the convexity …

This paper derives closed-form solutions for the investment and market value, under uncertainty, of competitive firms … to the case of reversible investment, the introduction of irreversibility does not affect q, but it reduces the … irreversible investment as well as for reversible investment. Optimal investment is a non-decreasing function of q, the shadow …