A fundamental question in accounting is whether and to what extent financial reporting
facilitates the allocation of capital to the right investment projects. Over the last two decades …

Over the past decade, a number of researchers have extended conventional models of
business fixed investment to incorporate a role for financial constraints' in determining …

The production of goods and services is central to understanding economies. The textbook
description of a firm, typically in agriculture or manufacturing, focuses on its physical …

We develop a dynamic asset pricing model of cryptocurrencies/tokens that allow users to
conduct peer-to-peer transactions on digital platforms. The equilibrium price of tokens is …

When does a swap between private and public money leave the equilibrium allocation and
price system unchanged? To answer this question, the paper sets up a generic model of …

We analyze private fixed investment in the US over the past 30 years. We show that
investment is weak relative to measures of profitability and valuation–particularly Tobin's Q …

Over the past quarter century, labor's share of income in the United States has trended
downward, reaching its lowest level in the postwar period after the Great Recession. A …

We exploit staggered changes in state-level corporate tax rates to show that an increase in
taxes reduces future innovation. A variety of tests, including those based on policy …

This paper estimates the effects of financialization on physical investment in the UK using
panel data based on balance sheets of publicly listed non-financial companies supplied by …

Even if there is an agreed-upon, fixed social objective function and policymakers know the
timing and magnitude of the effects of their actions, discretionary policy, namely, the …