3.1 The challenges outlined in chapter 2 may seem daunting. But a growing number of countries are making significant improvements to their investment climates—and are being richly rewarded in faster growth and steeper poverty reductions. China, India, and Uganda, mentioned for their achievements in chapter 1, are hardly alone. Many countries have made progress in improving particular areas of t...

The interpretation of the correlation between cash flow and investment is controversial. Some argue that it is caused by financial constraints, others by the correlation between cash flow and investment opportunities that are not properly measured by Tobin’s Q. This paper uses UK firms’ contracted capital expenditure to capture information about opportunities available only to insiders and thus...

I n the modern competitive world, Research and Development (R&D) and its overflowing technologies are the main basis of innovation, which in turn, can be determined as an important source of economic growth. Investing in research activities can help firms with different technological levels, especially high-tech industries to improve their productivity. This paper aims to analyze the...

Abstract This article examines the effect of board governance on investment efficiency. I use staggered enactment reforms in 41 countries as a shock to structure that exogenously improves quality oversight managers. find investment-Q sensitivity by roughly half post-reform. is more pronounced for firms are exposed or when external mechanisms less likely discipline These findings suggest increas...

This study examines the influence of investment bank’s reputation and political connection on the IPO qualification of Chinese firms. The results show that firms which are sponsored by prestigious investment banks are more likely to pass the regular screening process. Also, the investment bank’s political connections have no significant impact on the IPO qualification. Furthermore, we compared ...

In this paper we apply a simple two-period model of investment to examine how consideration of the real options associated with investment decisions might be expected to affect the cost of capital for telecommunications infrastructure firms in light of the tumultuous changes associated with the emergence of the Internet. Because investments in new telecommunications facilities also may provide ...