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We study how macroeconomic, firm-level and higher-order uncertainty affects real corporate investment in firms with …-holders are required to file indicating their active or passive status. Our main results are as follows. First, investment is more … all types of uncertainty shocks has a higher negative effect on investment rate for firms held by active block …
Persistent link: https://www.econbiz.de/10012862075
This paper examines the investment and financial decisions of a sample of 92 EU regulated utilities, taking into … independence matters for both investment and financial decisions. Investment increases under an Independent Regulatory Agency (IRA … privately controlled. Finally political orientation does matter, as firm investment increases under more conservative (pro …
Persistent link: https://www.econbiz.de/10008729094
This paper explores the connection between rising intangible capital and the secular upward trend in US corporate cash holdings. We calibrate a dynamic model with two productive assets, tangible and intangible capital, to highlight the following points: 1) since only tangible capital can be...
Persistent link: https://www.econbiz.de/10012852047
This paper explores the hypothesis that the rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. Using a new measure, we show that intangible capital is the most important firm-level determinant of corporate cash holdings....
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investment - results that are consistent with the model's predictions. -- investment ; stock market ; bubble ; dispersion …
Persistent link: https://www.econbiz.de/10001936312
between leverage and changes in investment and production when firms face a sudden change in their investment opportunity sets … leveraged oil producers reduce investment and increase production to generate cash flow to make their debt payments after the …
Persistent link: https://www.econbiz.de/10012985911