Conference Agenda
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Agenda Overview |
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Track W4-1: New Frontiers in Corporate Investment
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Asymmetric Investment Rates 1The Ohio State University; 2University of Connecticut; 3Cheung Kong Graduate School of Business; 4University of Cincinnati Integrating national accounting with financial accounting, we measure firm-specific current-cost capital stocks and flows for the entire Compustat universe. The firm-level current-cost investment rate distribution is heavily right-skewed, with a small fraction of negative investment rates, 5.51%, but a huge fraction of positive investment rates, 91.64%. Firm-level investment is also lumpy, featuring a fraction of 32.66% for positive spikes (investment rates higher than 20%). For a typical firm, 39% of total investment is completed within 20% of the sample years. Our data infrastructure facilitates empirical investment research and guides the calibration of theoretical models on firm investment.
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