What Happens to Corporate Investment in Bad Times?

The authors thank Karthik Balakrishnan, Asaf Bernstein, Don Bowen, Conrad Ciccotello, Alan Crane, Andrew Detzel, Gilles Hilary, Shane Johnson, Christopher Mace, Katie Moon, Beatriz García Osma, Christoph Schiller, Rodrigo Verdi, Michael Wittry, participants at the 2023 FMA European Conference, the 2023 Finance and Accounting Symposium, the 2023 European FMA Conference, the 2021 New Zealand Finance Meeting, the 2021 FMA Conference, the 37th International Conference of the French Finance Association, the 2021 Colorado/Texas Research Ideas Conference, the 2nd Boca Corporate Finance and Governance Conference, Conference on Asia-Pacific Financial Markets, the 2021 World Finance Conference, the 7th International Corporate Governance Society, and seminar participants at the University of Oklahoma, Virginia Tech, Ohio University, Bentley University, James Madison University, Florida International University, Colorado State University, Northern Illinois University, and University of Denver for helpful comments and suggestions.