2026-09-26T04:18:55Z https://www.ideals.illinois.edu/oai-pmh

oai:www.ideals.illinois.edu:2142/121306 2023-12-13 col_2142_5131 col_2142_13851 com_2142_5130 com_2142_684 com_2142_397

Nelson, Carl Nelson, Carl Almeida , Heitor Ridley , William Devadoss , Stephen 2023-08 application/pdf en text Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2025-08-01 The student, Vaibhav Kamble, accepted the attached license on 2023-06-13 at 15:13. The student, Vaibhav Kamble, submitted this Dissertation for approval on 2023-06-13 at 15:19. This Dissertation was approved for publication on 2023-07-07 at 16:27. DSpace SAF Submission Ingestion Package generated from Vireo submission #19421 on 2023-12-04 at 17:17:58 Three essays on corporate finance and uncertainty Kamble, Vaibhav Keshav 2023-07-07 Corporate Investment Trade Policy Uncertainty Instrumental Variable Real Options Trump From 2016 to 2019, the United States and China engaged in a trade conflict. As a result of tariffs imposed by the US and retaliation from China that started in 2018, the US economy witnessed an unprecedented increase in trade policy uncertainty (TPU). Using a new instrumental variable, I find a significant negative relation between aggregate TPU and corporate investment. Deviating from the existing literature in corporate finance that uses measures of overall economic policy uncertainty (EPU), I use a focused measure of TPU to show that a real options channel partly drives the relationship between uncertainty and corporate investment. Furthermore, I identify a foreign exchange channel: businesses more exposed to exchange rate fluctuations are also more susceptible to the negative effect of TPU. These findings are robust to controlling for firm-level and time-level fixed effects, using an alternative definition of aggregate TPU and firm-level (rather than aggregate) TPU. Text eng https://hdl.handle.net/2142/121306 Copyright 2023 Vaibhav Kamble Ph.D. Dissertation Agricultural & Applied Econ University of Illinois at Urbana-Champaign Agr & Consumer Economics