Information technology and productivity: where are we now and where are we going?
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 25, Heft 5, S. 477-503
ISSN: 0161-8938
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In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 25, Heft 5, S. 477-503
ISSN: 0161-8938
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 25, Heft 5, S. 477-504
ISSN: 0161-8938
In: Challenge: the magazine of economic affairs, Band 38, Heft 6, S. 18-30
ISSN: 1558-1489
In: American economic review, Band 103, Heft 4, S. 1538-1539
ISSN: 1944-7981
In: American economic review, Band 96, Heft 3, S. 796-810
ISSN: 1944-7981
We use earnings forecasts from securities analysts to construct a new measure of the neoclassical fundamentals that drive investment spending. We find that investment responds significantly to our new measure of fundamentals but is insensitive to cash flow, even for firms typically thought to be liquidity constrained. These results have two key implications. First, fundamentals may be more important for investment spending than would be suggested by the results to date from investment-q models. Second, the positive cash-flow effects obtained in such models may reflect a failure to control properly for fundamentals rather than the presence of financial constraints.
In: Review of Income and Wealth, Band 64, Heft 3, S. 679-702
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Working paper
In: NBER Working Paper No. w23369
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In: NBER Working Paper No. w21074
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Working paper
In: NBER Working Paper No. w19408
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In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 30, Heft 4, S. 633-673
ISSN: 0161-8938
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 30, Heft 4, S. 633-674
ISSN: 0161-8938
In: Journal of Monetary Economics, Band 118, S. 413-431