On the sensitivity of firms' investment to cash flow and uncertainty
研究了现金流和不确定性如何影响企业资本投资，发现不确定性是投资的重要决定因素，且其影响可能通过自身或与现金流的交互作用来刺激或抑制投资。
We investigate the analytical and empirical linkages between cash flow, uncertainty, and firms' capital investment behavior. Our empirical approach constructs measures of own- and market-specific uncertainty from firms' daily stock returns and S&P 500 index returns along with a CAPM-based risk measure. Our results indicate that even in the presence of important firm-specific variables, uncertainty is an important determinant of firms' investment behavior. Depending on the measure of uncertainty used, investment may be stimulated or curtailed by the effects of uncertainty on its own or through its interactions on cash flow.