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Author: Stephen Bond
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This paper shows that, with (partial) irreversibility, higher uncertainty reduces the impact effect of demand shocks on investment. Uncertainty increases real option values making firms more cautious when investing or di...Read more...
Nicholas Bloom, Stephen Bond and John Van Reenen
August 2006
This paper analyzes differences in R&D spending and in the impact of R&D on productivity between German and UK firms. We confirm that German firms spend significantly larger amounts on R&D than their UK counterparts, eve...Read more...
Stephen Bond, Dietmar Harhoff and John Van Reenen
December 2003
This paper tests for the importance of cash flow on investment in fixed capital and R&D using firm-level panel data in two countries between 1985 and 1994. For German firms, cash flow is not informative in simple econome...Read more...