Research summary: T his article provides a review of real options theory (ROT) in strategic
management research. We review the fundamentals of ROT and provide a taxonomy of this …

The transformation of economies towards net zero greenhouse gas (GHG) emissions within
very few decades will require substantial investments. However, the transition to a low …

I review empirical research on the relation between capital markets and financial statements.
The principal sources of demand for capital markets research in accounting are fundamental …

We examine the impact of government economic policy uncertainty (GEPU) on corporate
innovation and identify a cost-of-capital transmission channel. We find that GEPU increases …

This paper investigates the effects of uncertainty on the investment decisions of a sample of
Italian manufacturing firms, using information on the subjective probability distribution of …

High‐powered incentives may induce higher managerial effort, but they also expose
managers to idiosyncratic risk. If managers are risk averse, they might underinvest when firm …

Investment is characterized by costly reversibility when a firm can purchase capital at a
given price and sell capital at a lower price. We solve for the optimal investment of a firm that …

The argument that uncertainty about monetary and fiscal policy has been holding back the
recovery in the US during the Great Recession has a large popular appeal. This paper uses …

This paper explores the connection between rising intangible capital and the secular
upward trend in US corporate cash holdings. We calibrate a dynamic model with two …

Using a quantile-on-quantile (QQ) approach, this study examines the heterogeneous and
asymmetric effects of monetary policy uncertainty (MPU) on stock returns in Group of Seven …