Abstract
We investigate the impact of debt on a panel of U.S. manufacturing firms' capital investment behavior as the underlying firm-specific and market-level uncertainty changes. Our estimates show that the influence of leverage on capital investment may be stimulating or mitigating depending on the effects of uncertainty. © 2009 Elsevier B.V. All rights reserved.
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Baum, C. F., Caglayan, M., & Talavera, O. (2010). On the investment sensitivity of debt under uncertainty. Economics Letters, 106(1), 25–27. https://doi.org/10.1016/j.econlet.2009.09.015
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