Empirical research indicates that distributed lag specifications perform well in describing aggregate investment. Such specifications are typically rationalized through the assumption of convex adjustment costs that imply smooth partial adjustment of capital. However, much of the capital stock...

We study a variety of optimal investment problems for objectives related to aataining goals by a fixed terminal time.

We examine how financial analysts and equity investors incorporate information on deferred taxes from carryforwards into earnings forecasts and share prices, respectively. We focus on carryforwards because in providing this information each period, management must use their private information...