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Inflation, Finance, and Growth: A Trilateral Analysis
(Vanderbilt University, 2009)
A large body of evidence links financial development to economic growth, yet the channels through which inflation affects this relationship and its stability have been less thoroughly explored. We take an econometric and ...
Extensive and Intensive Investment Over the Business Cycle
(Vanderbilt University, 2009)
Investment of U.S. firms responds asymmetrically to Tobin's Q: Investment of established firms -- `intensive' investment -- reacts negatively to Q whereas investment of new firms -- `extensive' investment -- responds ...
Technology Shocks, Q, and the Propensity to Merge
(Vanderbilt University, 2009)
Data on U.S. mergers and aquisitions from 1987 to 2006 indicate that firms with high market-to-book values (i.e., Tobin's Q) tend to merge with firms that have lower Q's, but that target Q's are on average higher than those ...