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| Author: | Hubbard, R. G. |
| Title: | Capital-market imperfections and investment. |
| Journal: | Journal of Economic Literature
1998 : MAR, VOL. 36:1, p. 193-225 |
| Index terms: | CAPITAL MARKETS CAPITAL INVESTMENT R&D CORPORATE FINANCE EMPIRICAL RESEARCH INVESTMENT INCENTIVES |
| Language: | eng |
| Abstract: | The review uses advances in models of information and incentive problems to motivate those developments and challenges. First it describes the analytical underpinnings of contemporary models of capital-market imperfections in the investment process. The following sections describe studies using firm-level panel data, problems raised by existing studies, applications of the underlying models to a range of investment activities, including inventory investment, R&D, employment demand, pricing by imperfectly competitive firms, business formation and survival, and corporate risk management, and implications of the models for analyses of monetary and fiscal policy on investment. |
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