We examine whether a firm’s organizational capital (OC) affects its labor investment efficiency. We find that a higher level of OC is related to smaller deviations from the optimal level of labor investment according to economic conditions (higher labor investment efficiency). We find that...

We explore the interdependence of investment and financing choices in US listed Real Estate Investment Trusts (REITs) in the period 1973-2011. We find that the investment and financing choices of REITs are interdependent, but they are not made simultaneously. Our results suggest that investment...