investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the … approximations of firm-level investment returns. The evidence that characteristics dominate covariances in horse races does not …” expected returns; the investment approach is no more and no less “causal” than the consumption approach in “explaining …

investor “rationality,” the relation must be “explained” by a risk (factor) model. The investment approach questions the … approximations of firm-level investment returns. The evidence that characteristics dominate covariances in horse races does not …” expected returns; the investment approach is no more and no less “causal” than the consumption approach in “explaining …

goods. Our framework predicts that both investment and acquisitions are positively related to a firm's shadow value of … approximately the same proportionate effect on the level of acquisitions as it does on investment. This result proves to be robust …

This paper examines the impact of investment in knowledge-based capital on firm productivity. The analysis is based on … investment in knowledge-based capital which include expenditures on R&D, and on non-R&D intangible assets such as computer … and above other factors, an increase in investment in knowledge-based capital of 10 per cent increases firm productivity …

In a perfect world, a manager's investment in fixed assets would increase with the assets' profitability. However, when … investment efficiency: in equilibrium, strong firms choose faster depreciation. Last, in the staged-investments setting, I show …