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Uncertainty Determinants of Firm Investment

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Christopher F. Baum, Mustafa Caglayan, Oleksandr Talavera

In: Economics Letters 98 (2008), 3, S. 282-287


We investigate the impact of measures of uncertainty on firms' capital investment behavior using a panel of U.S. firms. Increases in firm-specific and CAPM-based measures have a significant negative effect on investment spending, while market-based uncertainty has a positive impact