This paper theoretically investigates the effect of uncertainty about future investment on expected stock returns … explain the value premium. Second, we investigate how uncertainty about investment affects expected stock returns. Based on … the closed-form solution in our framework, we suggest that less uncertainty about investment induces lower expected stock …

Average return differences among firms sorted on valuation ratios, past investment, prof-itability, market beta, or … growthopportunities to firm value, which affects firms' exposures to capital-embodied productivityshocks and risk premia. We thus provide …

premia across U.S. industries and show that the negative investment-return relation implied by q-theory is steeper for firms … paying high wage premia than for firms paying low wage premia. An extended investment-based model predicts the interaction … effect, showing the labor adjustment costs as key channel driving investment-return sensitivity. The inflexibility induced by …

investment decisions. Managers choose extensive and intensive margins in payout policy while facing non-convex costs as firm cash … with the data, and interactions among productivity shocks, investment, and dividend policies help explain cross …

investment's Value-at-Risk as a reasonable calculation of the worst threat an action appears to make possible, and its return … counterpart, referred to as the investment's Value-within-Reach, as a reasonable calculation of the best hope an action appears to … offer. In exploring the extension of the Value-at-Risk approach from applications to investments in financial assets to …

expectations and risk perceptions) and preferences (risk tolerance) as a result of their personal return and risk experiences. Past … returns positively impact return expectations and risk tolerance, and negatively impact risk perceptions. Realized risk …, however, has no effect. That is, even in a highly volatile stock-market period in which risk appears very salient, investors …

measure how the market price of uncertainty contributes to the short and long-run valuations of cash flows. I propose a state …-space with macroeconomic and aggregate financial variables that quantifies the (model) uncertainty premium in the term structure …

returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend … firm characteristics - Tobin's Q, past investment, earnings-price ratios, market betas, and idiosyncratic volatility of … the firm's exposure to IST shocks and risk premia. Our calibrated model replicates: i) the predictability of returns by …

returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend … firm characteristics - Tobin's Q, past investment, earnings-price ratios, market betas, and idiosyncratic volatility of … the firm's exposure to IST shocks and risk premia. Our calibrated model replicates: i) the predictability of returns by …