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Working Paper
Production and inventory behavior of capital
Wen, Yi (2005)
This paper provides a dynamic optimization model of durable good inventories to study the interactions between investment demand and production of capital goods. There are three major findings: First, capital suppliers' inventory behavior makes investment demand more volatile in equilibrium; Second, equilibrium price of capital is characterized by downward stickiness; Third, the responses of the capital market to interest rate and other environmental changes are asymmetric. All are the results of equilibrium interactions between demand and supply.
Working Papers , Paper 2005-044

Journal Article
The performance of traditional macroeconomic models of businesses' investment spending
Brauman, Richard S.; Kopcke, Richard W. (2001)
The rate of capital formation by businesses has long been among the most closely watched elements of the national accounts. During the last decade, this component of investment attracted considerable interest as capital spending helped support our uncommonly high rate of economic growth. Not only did this spending lift the growth of aggregate demand, it also increased our capacity for supplying goods and services, which in turn could allow output to continue growing rapidly in the future. ; This article analyzes the performance of conventional models of investment spending by comparing their ...
New England Economic Review

Working Paper
Speculative investor behavior and learning
Morris, Stephen (1996)
As traders learn about the true distribution of some asset's dividends, a speculative premium occurs as each trader anticipates the possibility of re-selling the asset to another trader before complete learning has occurred. Small differences in prior beliefs lead to large speculative premiums during the learning process. This phenomenon helps explain a paradox concerning the pricing of initial public offerings. The result casts light on the significance of the common prior assumption in economic models.
Working Papers , Paper 96-5

Journal Article
Flight to safety and U.S. Treasury securities
Sengupta, Rajdeep; Noeth, Bryan J. (2010-07)
As in most crises, investors turned to Treasuries in droves over the past couple of years, even as yields declined.
The Regional Economist , Issue Jul , Pages 18-19

Working Paper
Cross-border returns differentials
Curcuru, Stephanie E.; Warnock, Francis E.; Dvorak, Tomas (2008)
Were the U.S. to persistently earn substantially more on its foreign investments ("U.S. claims") than foreigners earn on their U.S. investments ("U.S. liabilities"), the likelihood that the current environment of sizeable global imbalances will evolve in a benign manner increases. However, using a monthly dataset on the foreign equity and bond portfolios of U.S. investors and the U.S. equity and bond portfolios of foreign investors, we find that the returns differential for portfolio securities is near zero, far smaller than previously reported. Examining all U.S. claims and liabilities ...
International Finance Discussion Papers , Paper 921

Journal Article
Taxes, incentives and competition for investment
Peters, Alan H.; Fisher, Peter S. (1996-06)
The Region , Volume 10 , Issue Jun , Pages 52-57

Working Paper
Financial Constraints, Sectoral Heterogeneity, and the Cyclicality of Investment
Howes, Cooper (2021-08-27)
While investment in most sectors declines in response to a contractionary monetary policy shock, investment in the manufacturing sector increases. Using manually digitized aggregate income and balance sheet data for the universe of U.S. manufacturing firms, I show this increase is driven by the types of firms that are least likely to be financially constrained. A two-sector New Keynesian model with financial frictions can match these facts; unconstrained firms are able to take advantage of the decline in the user cost of capital caused by the monetary contraction, while constrained firms are ...
Research Working Paper , Paper RWP 21-06

Report
The effects of corporate antitakeover provisions on long-term investment: empirical evidence
Mahoney, Joseph T.; Mahoney, James M.; Sundaramurthy, Chamu (1996)
This paper's empirical results indicate that the average effect of antitakeover provisions on subsequent long-term investment is negative. The interpretation of these results depends on whether one thinks that there was too much, too little, or just the right amount of long-term investment prior to the antitakeover provision adoption. We use agency theory to devise more refined empirical test of the effects of antitakeover provision adoptions by managers in firms with different incentive and monitoring structures. Governance variables (e.g., percentage of outsiders on corporate boards, and ...
Research Paper , Paper 9618

Report
The private premium in public bonds
Wei, Chenyang; Kovner, Anna (2012)
This paper is the first to document the presence of a private premium in public bonds. We find that spreads are 31 basis points higher for public bonds of private companies than for bonds of public companies, even after controlling for observable differences, including rating, financial performance, industry, bond characteristics and issuance timing. The estimated private premium increases to 40-50 basis points when a propensity matching methodology is used or when we control for fixed issuer effects. Despite the premium pricing, bonds of private companies are no more likely to default or be ...
Staff Reports , Paper 553

Working Paper
Indeterminacy and investment adjustment costs
Kim, Jinill (1998)
It is widely known that a neoclassical growth model with sufficient increasing returns to production may feature an indeterminate steady state. This note shows how investment adjustment costs increase the degree of increasing returns required for indeterminacy to arise. We also argue that sector-specific externalities are observationally equivalent to negative adjustment costs. It is widely known that a neoclassical growth model with sufficient increasing returns to production may feature an indeterminate steady state. This note shows how investment adjustment costs increase the degree of ...
Finance and Economics Discussion Series , Paper 1998-38

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