This research investigates whether and how board independence influences corporate investment decisions in a Seemingly Unrelated Regression (SUR) framework, where the capital investment and the research and development (R&D) investment are examined simultaneously. We argue that the free cash...

We have examined the volatility and macroeconomic drivers of venture capital investments in the past 17 years from 1995 to 2011. We find that venture capital investments in the U.S. by the total amount, by the number of deals, and by the average amount per deal are significantly affected by...

We document that corporate investment contributes to stock liquidity. This study demonstrates a positive relationship between abnormal corporate investment and stock liquidity in the crosssection. Moreover, stock liquidity improves more apparently for firms with financial constraints. Our...