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Articles 31 - 60 of 2536
Full-Text Articles in Business
The Alphabet Soup In Reporting And Measuring Esg, Hao Liang, Kam Chee Chan
The Alphabet Soup In Reporting And Measuring Esg, Hao Liang, Kam Chee Chan
Research Collection Lee Kong Chian School Of Business
Harmonising frameworks with the Impact-Weighted Accounts Framework.
Shrinking Factor Dimension: A Reduced-Rank Approach, Dashan Huang
Shrinking Factor Dimension: A Reduced-Rank Approach, Dashan Huang
Research Collection Lee Kong Chian School Of Business
We propose a reduced-rank approach (RRA) to reduce a large number of factors to a few parsimonious ones. In contrast to PCA and PLS, the RRA factors are designed to explain the cross section of stock returns, not to maximize factor variations or factor covariances with returns. Out of 70 factor proxies, we find that five RRA factors outperform the Fama-French (2015) five factors for pricing target portfolios, but performs similarly for pricing individual stocks. Our results suggest that existing factor proxies do not provide enough new information at the stock level beyond the Fama-French (2015) five factors.
Networking Fast And Slow: The Role Of Speed In Tie Formation, Julia Brennecke, Gokhan Ertug, Tom Elfring
Networking Fast And Slow: The Role Of Speed In Tie Formation, Julia Brennecke, Gokhan Ertug, Tom Elfring
Research Collection Lee Kong Chian School Of Business
Growing interest in network dynamics has led to insights about patterns of network change, drivers of tie formation, and the temporal unfolding of the consequences of networks. To this area of inquiry, we introduce networking speed – the time it takes for individuals to form a network tie – as an important but so far largely overlooked aspect. We develop a theory of networking speed that explains how different catalysts enable professionals to introduce variation into the speed with which they form interpersonal network ties. We discuss how such variation in the speed with which ties have been formed influences …
Artificial Intelligence, Consumers, And The Experience Economy, Hannah H. Chang, Anirban Mukherjee
Artificial Intelligence, Consumers, And The Experience Economy, Hannah H. Chang, Anirban Mukherjee
Research Collection Lee Kong Chian School Of Business
The term Artificial Intelligence (AI) was first used by McCarthy, Minsky, Rochester, and Shannon in a proposal for a summer research project in 1955 (Solomonoff, 1985). It is widely and commonly defined to be “the science and engineering of making intelligent machines” (McCarthy, 2006). Recent technological advances and methodological developments have made AI pervasive in new marketing offerings, ranging from self-driving cars, intelligent voice assistants such as Amazon’s Alexa, to burger-making robots at restaurants and rack-moving robots inside warehouses such as Amazon’s family of robots (Kiva, Pegasus, Xanthus) and delivery drones. There is optimism, and perhaps even over-optimism, of the …
The Mutual Constitution Of Culture And Psyche: The Bidirectional Relationship Between Individuals’ Perceived Control And Cultural Tightness-Looseness, Anyi Ma, Krishna Savani, Fangzhou Liu, Kenneth Tai, Aaron C. Kay
The Mutual Constitution Of Culture And Psyche: The Bidirectional Relationship Between Individuals’ Perceived Control And Cultural Tightness-Looseness, Anyi Ma, Krishna Savani, Fangzhou Liu, Kenneth Tai, Aaron C. Kay
Research Collection Lee Kong Chian School Of Business
According to the theory of mutual constitution of culture and psyche, just as culture shapes people, individuals’ psychological states can influence culture. We build on compensatory control theory, which suggests that low personal control can lead people to prefer societal systems that impose order, to examine the mutual constitution of personal control and cultural tightness. Specifically, we tested whether individuals’ lack of personal control increases their preference for tighter cultures as a means of restoring order and predictability, and whether tighter cultures in turn reduce people’s feelings of personal control. Seven studies (five preregistered) with participants from the United States, …
The Sun Is Rising In The East: Dual-Class Shares And The Competitive Landscape Of Technological Industries In Asia, Hao Liang, Tran Bao Phuong Nguyen, Wei Zhang
The Sun Is Rising In The East: Dual-Class Shares And The Competitive Landscape Of Technological Industries In Asia, Hao Liang, Tran Bao Phuong Nguyen, Wei Zhang
Research Collection Lee Kong Chian School Of Business
There has recently been a relaxation of listing regulations to accommodate and attract firms going public with dual-class shares (DCS), notably in Asia. We examine the value implications of DCS adoption by employing an event study around a regulatory change allowing DCS listings in Hong Kong. We find negative market reactions around these regulatory discussions for firms already listed in Hong Kong, especially for firms in technology (tech) sectors. However, the market reaction turned positive for tech firms during Hong Kong’s first DCS listing. We identify two distinct channels that influenced shareholders’ perspectives on DCS: the competition channel, which dominated …
Riding Off Into The Sunset: Dual-Class Structure In The Age Of Unicorns Going Public, Hao Liang, Junho Park, Wei Zhang
Riding Off Into The Sunset: Dual-Class Structure In The Age Of Unicorns Going Public, Hao Liang, Junho Park, Wei Zhang
Research Collection Lee Kong Chian School Of Business
The increasing adoption of dual-class shares (DCS)—an ownership structure that gives corporate insiders greater voting power than other shareholders—among newly listed companies has raisedsignificant governance concerns. We investigate the decision to adopt the DCS structure and itsvalue implications in the recent U.S. IPOs. Using founder cultural traits and Silicon Valley lawfirms as instrumental variables, we find significant post-IPO outperformance by firms adopting DCSwith a sunset clause, especially incapacity-based sunset which stipulates that the DCS will ceaseafter founders’ death, incapacitation or departure, compared to non-DCS firms and DCS firms without sunsets. This outperformance is more pronounced for high-tech firms, after Google’s …
Bringing Excitement To Empirical Business Ethics Research: Thoughts On The Future Of Business Ethics, Mayowa T. Babalola, Matthijs Bal, Charles H. Cho, Lucia Garcia-Lorenzo, Omrane Guedhami, Hao Liang, Greg Shailer, Suzanne Van Gils
Bringing Excitement To Empirical Business Ethics Research: Thoughts On The Future Of Business Ethics, Mayowa T. Babalola, Matthijs Bal, Charles H. Cho, Lucia Garcia-Lorenzo, Omrane Guedhami, Hao Liang, Greg Shailer, Suzanne Van Gils
Research Collection Lee Kong Chian School Of Business
To commemorate 40 years since the founding of the Journal of Business Ethics, the editors-in-chief of the journal have invited the editors to provide commentaries on the future of business ethics. This essay comprises a selection of commentaries aimed at creating dialog around the theme Bringing Excitement to Empirical Business Ethics Research (inspired by the title of the commentary by Babalola and van Gils). These editors, considering the diversity of empirical approaches in business ethics, envisage a future in which quantitative business ethics research is more bold and innovative, as well as reflexive about its techniques, and dialog between quantitative …
The Disappearing Convenience Of Convenience Stores, Ramaswami, S.
The Disappearing Convenience Of Convenience Stores, Ramaswami, S.
Research Collection Lee Kong Chian School Of Business
The article describes post-Covid challenges to the convenience store format in Singapore, and the ways in which some of these challenges can be mitigated.
From Market Making To Matchmaking: Does Bank Regulation Harm Market Liquidity?, Gideon Saar, Jian Sun, Ron Yang, Haoxiang Zhu
From Market Making To Matchmaking: Does Bank Regulation Harm Market Liquidity?, Gideon Saar, Jian Sun, Ron Yang, Haoxiang Zhu
Research Collection Lee Kong Chian School Of Business
Post-crisis bank regulations raised market-making costs for bank-affiliated dealers. We show that this can, somewhat surprisingly, improve overall investor welfare and reduce average transaction costs despite the increased cost of immediacy. Bank dealers in OTC markets optimize between two parallel trading mechanisms: market making and matchmaking. Bank regulations that increase market-making costs change the market structure by intensifying competitive pressure from non-bank dealers and incentivizing bank dealers to shift their business toward matchmaking. Thus, post-crisis bank regulations have the (unintended) benefit of replacing costly bank balance sheets with a more efficient form of financial intermediation.
Distinctive Features Of Nonverbal Behavior And Mimicry In Application Interviews Through Data Analysis And Machine Learning, Sanne Rogiers, Elias Corneillie, Filip Lievens, Frederik Anseel, Peter Veelaert, Wilfried Philips
Distinctive Features Of Nonverbal Behavior And Mimicry In Application Interviews Through Data Analysis And Machine Learning, Sanne Rogiers, Elias Corneillie, Filip Lievens, Frederik Anseel, Peter Veelaert, Wilfried Philips
Research Collection Lee Kong Chian School Of Business
This paper reveals the characteristics and effects of nonverbal behavior and human mimicry in the context of application interviews. It discloses a novel analyzation method for psychological research by utilizing machine learning. In comparison to traditional manual data analysis, machine learning proves to be able to analyze the data more deeply and to discover connections in the data invisible to the human eye. The paper describes an experiment to measure and analyze the reactions of evaluators to job applicants who adopt specific behaviors: mimicry, suppress, immediacy and natural behavior. First, evaluation of the applicant qualifications by the interviewer reveals …
Corporate Actions And The Manipulation Of Retail Investors In China: An Analysis Of Stock Splits, Sheridan Titman, Chi Shen Wei, Bin Zhao
Corporate Actions And The Manipulation Of Retail Investors In China: An Analysis Of Stock Splits, Sheridan Titman, Chi Shen Wei, Bin Zhao
Research Collection Lee Kong Chian School Of Business
We identify a group of “suspicious” firms that use stock splits, perhaps along with other activities, to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their presplit levels. Using account level data from the Shanghai Stock Exchange, we find that small retail investors acquire shares in firms initiating suspicious splits, while more sophisticated investors accumulate positions before suspicious split announcements and sell in the postsplit period. We also find that insiders sell large blocks of shares and obtain loans using company stock as collateral around the initiation of suspicious …
Envy Influences Interpersonal Dynamics And Team Performance: Roles Of Gender Congruence And Collective Team Identification, Kenneth Tai, Sejin Keem, Ki Young Lee, Eugene Kim
Envy Influences Interpersonal Dynamics And Team Performance: Roles Of Gender Congruence And Collective Team Identification, Kenneth Tai, Sejin Keem, Ki Young Lee, Eugene Kim
Research Collection Lee Kong Chian School Of Business
Our research extends past envy research by considering how envy and gender congruence shape interpersonal dynamics at the dyadic level and their bottom-up effects for team performance. Integrating social comparison theory and social identity theory, we examine when and how dyadic level envy influences team performance. Using time-lagged data from 428 dyads of 161 employees in 51 teams, our results show that envious employees are likely to engage in interpersonal deviance directed toward envied team members and that envied employees are likely to seek advice from envious team members. Gender congruence further influences these relationships, with different patterns for males …
Attraction Versus Competition: A Tale Of Two Similarity Effects In Director Selection Of Chinese Firms, Gao Renfei, Helen Hu, Toru Yoshikawa
Attraction Versus Competition: A Tale Of Two Similarity Effects In Director Selection Of Chinese Firms, Gao Renfei, Helen Hu, Toru Yoshikawa
Research Collection Lee Kong Chian School Of Business
Extant research has focused primarily on the collaborative side of chair-director similarity in director selection, whereas the potential competitive side remains underexplored. Emphasizing the dual role of directors as both collaborators and competitors, as perceived by chairs, we incorporate both the similarity-attraction logic and the similarity-competition logic in director selection and develop a collaborative-competitive framework to reconcile the tension between them. Based on new director selection data from Chinese listed firms, we find that chair-director similarity in the competitive-oriented political background is negatively related to the likelihood of the director being selected—consistent with the similarity-competition logic, whereas chair-director similarity in …
Experiential Learning: The Case Of Training Mba Students In An Asian School, Chiyachantana N. Chiraphol, Kuan Yong David Ding, Jack Jiajun Hong
Experiential Learning: The Case Of Training Mba Students In An Asian School, Chiyachantana N. Chiraphol, Kuan Yong David Ding, Jack Jiajun Hong
Research Collection Lee Kong Chian School Of Business
Consulting for a startup company is an effective way for Master of Business Administration (MBA) students to learn about management consulting, and the ways and means of a startup company. This paper discusses the experience of an MBA startup project within the context of a core corporate finance course. The project requires the active engagement of several groups of stakeholders—MBA students, the university’s entrepreneurship incubator, a selection of startup companies, and the project’s academic collaborators. In line with the literature, we find that entrepreneurship education through student-startup collaboration contributes to the students’ entrepreneurial learning, and that the offering of an …
International Asset Pricing With Strategic Business Groups, Massimo Massa, Hong Zhang, Hong Zhang
International Asset Pricing With Strategic Business Groups, Massimo Massa, Hong Zhang, Hong Zhang
Research Collection Lee Kong Chian School Of Business
Firms in global markets often belong to business groups. We argue that this feature can have a profound influence on international asset pricing. In bad times, business groups may strategically reallocate risk across affiliated firms to protect core “central firms.” This strategic behavior induces co-movement among central firms, creating a new intertemporal risk factor. Based on a novel data set of worldwide ownership for 2002–2012, we find that central firms are better protected in bad times and that they earn relatively lower expected returns. Moreover, a centrality factor augments traditional models in explaining the cross section of international stock returns.
Pricing And Quality Strategies For An On-Demand Housekeeping Platform With Customer-Intensive Services, Jianjun Yu, Yanli Fang, Yuanguang Zhong, Xiong Zhang, Ruijie Zhang
Pricing And Quality Strategies For An On-Demand Housekeeping Platform With Customer-Intensive Services, Jianjun Yu, Yanli Fang, Yuanguang Zhong, Xiong Zhang, Ruijie Zhang
Research Collection Lee Kong Chian School Of Business
In this paper, we study an on-demand housekeeping platform in which suppliers have hetero-geneous opportunity costs, and customers are sensitive to service quality, price, and waitingtime. The platform charges fees from customers and divides revenue with service suppliers ina certain proportion. We analyze two types of market coverage, namely full market coverageand partial market coverage. We find that as the potential demand market capacity expands,the platform will choose to lower prices to attract more customers and service suppliers until itreaches the partial market, thereby obtaining higher revenue, and suppliers will provide lowerquality services to serve more customers and thus obtain …
Rule Violation And Time-To-Enforcement In Weak Institutional Environments: A Good Faith Perspective, Jun Xia, Yusi Jiang, Heli Wang, Yuan Li
Rule Violation And Time-To-Enforcement In Weak Institutional Environments: A Good Faith Perspective, Jun Xia, Yusi Jiang, Heli Wang, Yuan Li
Research Collection Lee Kong Chian School Of Business
Previous studies on corporate misconduct have focused mainly on preventing misconduct or remedying it after detection, but it remains unclear how misconduct can be effectively detected in the first place once it occurs. We apply the good faith perspective in the context of China, which represents a weak institutional environment, and argue that the ability of culpable leaders to conceal information may delay misconduct disclosure because such ability helps maintain the good faith of regulators. Moreover, we argue that because the regulators have faith in professionals (external auditors, institutional investors, and securities analysts) whose skills are in fact often underdeveloped …
A Comprehensive Examination Of The Cross-Validity Of Pareto-Optimal Versus Fixed-Weight Selection Systems In The Biobjective Selection Context., Wilfried De Corte, Filip Lievens, Paul R. Sackett
A Comprehensive Examination Of The Cross-Validity Of Pareto-Optimal Versus Fixed-Weight Selection Systems In The Biobjective Selection Context., Wilfried De Corte, Filip Lievens, Paul R. Sackett
Research Collection Lee Kong Chian School Of Business
The article presents evidence for the cross-validity potential of fixed-weight (FW) versus Pareto-Optimal (PO) selection systems in biobjective selection situations where both the goals of diversity and quality are valued and the importance of the goals is undecided a priori. The article extends previous research by also studying the cross-validity potential of selection systems in the practically most important sample-to-sample cross-validity scenario. We address three research questions: (a) Do different PO systems show comparable levels of relative (i.e., proportional) achievement upon cross-validation? (b) Do PO systems achieve higher levels of relative achievement upon cross-validation than FW selection systems?, and (c) …
Information Acquisition And Expected Returns: Evidence From Edgar Search Traffic, Frank Weikai Li, Chengzhu Sun
Information Acquisition And Expected Returns: Evidence From Edgar Search Traffic, Frank Weikai Li, Chengzhu Sun
Research Collection Lee Kong Chian School Of Business
This paper examines expected return information embedded in investors' information acquisition activity. Using a novel dataset containing investors' access of company filings through SEC's EDGAR system, we reverse engineer their expectations over future payoffs and show that the abnormal number of IPs searching for firms' financial statements strongly predict future returns. The return predictability stems from investors allocating more effort to firms with improving fundamentals and following exogeneous shock to underpricing. A long-short portfolio based on our measure of information acquisition activity generate monthly abnormal return of 80 basis points and does not reverse over the long-run.. In addition, the …
Physical Frictions And Digital Banking Adoption, Hyun Soo Choi, Roger Loh
Physical Frictions And Digital Banking Adoption, Hyun Soo Choi, Roger Loh
Research Collection Lee Kong Chian School Of Business
A behavioral literature suggests that minor frictions can elicit desirable behavior without obvious coercion. Using closures of ATMs in a densely populated city as an instrument for small frictions to physical banking access, we find that customers affected by ATM closures increase their usage of the bank’s digital platform. Other spillover effects of this adoption of financial technology include increases in point-of-sale (POS) transactions, electronic funds transfers, automatic bill payments and savings, and a reduction in cash usage. Our results show that minor frictions can help overcome the status-quo bias and facilitate significant behavior change.
Is There A Strategic Organization In The Behavioral Theory Of The Firm? Looking Back And Looking Forward, Henrich R. Greve, Cyndi Man Zhang
Is There A Strategic Organization In The Behavioral Theory Of The Firm? Looking Back And Looking Forward, Henrich R. Greve, Cyndi Man Zhang
Research Collection Lee Kong Chian School Of Business
In the 20 years of Strategic Organization, how well has knowledge drawn from the behavioral theory of the firm contributed to the field of strategy? We see progress both in the pages of SO! and elsewhere in the field of strategy, but this progress has been held back by divisions between strategy and organization theory in what theories should predict, what mechanisms are preferable predictors, and what outcomes are of interest. Despite these divisions, the last few years have seen particularly rapid progress, turning the behavioral theory of the firm into one of multiple organization theory sources of strategy knowledge. …
Customer Concentration And Corporate Carbon Emissions, Saiying Deng, Tinghua Duan, Frank Weikai Li, Xiaoling Pu
Customer Concentration And Corporate Carbon Emissions, Saiying Deng, Tinghua Duan, Frank Weikai Li, Xiaoling Pu
Research Collection Lee Kong Chian School Of Business
This paper examines whether economic links with major corporate customers curb corporate carbon emissions. We show that supplier firms with a concentrated customer base have significantly lower carbon emissions. The baseline results are robust to alternative measures of carbon emissions and customer concentration, and various approaches that mitigate endogeneity concerns due to omitted variables and reverse causality. Moreover, the curbing effect of customer concentration on supplier carbon emissions is more pronounced in firms facing lower customer switching costs, with less (more) supplier (customer) bargaining power, fewer redeployable assets, operating in more carbon-intensive industries, and after the Paris Agreement of 2015. …
The Cryptocurrency Participation Puzzle, Ran Duchin, David H. Solomon, Jun Tu, Xi Wang
The Cryptocurrency Participation Puzzle, Ran Duchin, David H. Solomon, Jun Tu, Xi Wang
Research Collection Lee Kong Chian School Of Business
We show that ongoing zero portfolio weights in cryptocurrency are surprisingly difficult to generate in a standard Bayesian portfolio theory framework. With ten years of prior data, equity market investors would need very pessimistic priors on mean returns to justify never having bought cryptocurrency: -10.6% per month for Bitcoin, and -19.6% per month for a diversified portfolio of cryptocurrencies. Moreover, most priors that involve never purchasing cryptocurrency imply that investors should short cryptocurrency. Optimal absolute weights are generally small but non-trivial (1-5%), frequently positive, and fairly smooth despite returns being volatile. Under a wide range of priors, the certainty equivalent …
Does Disclosure Of Advertising Spending Help Investors And Analysts?, Sungkyun Moon, Kapil R. Tuli, Anirban Mukherjee
Does Disclosure Of Advertising Spending Help Investors And Analysts?, Sungkyun Moon, Kapil R. Tuli, Anirban Mukherjee
Research Collection Lee Kong Chian School Of Business
Publicly listed firms have the discretion to disclose (or not) advertising spending in their annual (10-K) reports. The disclosure of advertising spending can provide valuable information because advertising is a leading indicator of future performance. However, estimates of advertising spending are available from data providers, arguably mitigating the need for its formal disclosure. This study argues that firms’ disclosure of advertising spending provides more complete and public information and therefore lowers investor uncertainty about future firm performance (idiosyncratic risk). Empirical analyses show this effect is largely driven by the negative effect of disclosure of advertising spending on analyst uncertainty. Consistent …
Exchange-Traded Funds And Real Investment, Constantinos Antoniou, Frank Weikai Li, Xuewen Liu, Avanidhar Subrahmanyam, Chengzhu Sun
Exchange-Traded Funds And Real Investment, Constantinos Antoniou, Frank Weikai Li, Xuewen Liu, Avanidhar Subrahmanyam, Chengzhu Sun
Research Collection Lee Kong Chian School Of Business
We investigate the link between exchange-traded funds and real investment. Cross-sectionally, higher ETF ownership is associated with an increased sensitivity of real investment to Tobin's q and a heightened ability of stock returns to forecast future earnings. Inclusion of stocks in industry ETFs enhances investment-q sensitivity and implies greater incorporation of earnings information into prices prior to public releases. Greater nonmarket ETF ownership leads to increased (reduced) reliance of real investment on own (peers') stock prices. Overall, the evidence is consistent with ETFs positively affecting real investment efficiency via greater flows of information.
Performance Of Smart Beta Etfs In The U.S. Market: 2009–2019, Chiyachantana N. Chiraphol, Chiraphol N. Chiyachantana, Kuan Yong David Ding, Tanakorn Likitapiwat
Performance Of Smart Beta Etfs In The U.S. Market: 2009–2019, Chiyachantana N. Chiraphol, Chiraphol N. Chiyachantana, Kuan Yong David Ding, Tanakorn Likitapiwat
Research Collection Lee Kong Chian School Of Business
Purpose: This paper empirically analyses the performance of smart beta exchange traded funds (ETFs) through the absolute return, relative return, and risk-adjusted return over the decade from 2009 to 2019.Methodology: Using a sample of smart beta ETFs in the U.S. stock market, we examine the components of the risk factors in a smart beta strategy. Results: Our results show that a smart beta strategy is not able to maintain a persistent performance over the period examined. Moreover, there is not a single year that smart beta ETFs could generate an abnormal return that is statistically significant. The evidence illustrates that …
Eradicating Malaria: Innovation Diffusion In The Face Of Grand Challenges, Han Jiang, Hao Liang, Dongning Yang
Eradicating Malaria: Innovation Diffusion In The Face Of Grand Challenges, Han Jiang, Hao Liang, Dongning Yang
Research Collection Lee Kong Chian School Of Business
What is the role of organizational innovation—beyond technological innovation—in an era of grand challenges concerning health, poverty, and economic development around the world? How is organizational innovation developed and diffused to influence resource allocation in the field? We conduct a qualitative case study by analyzing a Chinese pharmaceutical firm’s efforts to combat malaria in Africa over 10 years. Through documentation and extensive interviews, we study the role of innovation diffusion and resource allocation to address grand challenges in emerging markets with significant institutional voids. Our conceptual model delineates the different stages of innovation diffusion to show how organizations can draw …
Economic And Environmental Implications Of Biomass Commercialization In Agricultural Processing, Bin Li, Onur Boyabatli, Buket Avci
Economic And Environmental Implications Of Biomass Commercialization In Agricultural Processing, Bin Li, Onur Boyabatli, Buket Avci
Research Collection Lee Kong Chian School Of Business
Motivated by the agricultural industries, this paper studies the economic and environmental implications of biomass commercialization; that is, converting organic waste into a saleable product, from the perspective of a processor that uses a commodity input to produce both a commodity output and biomass. We characterize the economic value of biomass commercializa- tion and examine how input and output spot price uncertainties affect this value. Using a model calibration, we find that lower input spot price variability or higher output spot price variabil- ity or correlation between the two spot prices increases this value for a typical palm oil mill. …
Why Do U.S. Firms Invest Less Over Time?, Fangjian Fu, Sheng Huang, Rong Wang
Why Do U.S. Firms Invest Less Over Time?, Fangjian Fu, Sheng Huang, Rong Wang
Research Collection Lee Kong Chian School Of Business
Capital expenditures of U.S. public firms, relative to total assets, decrease by more than half from 1980 to 2020. The decline is pervasive across industries and firms of different characteristics and cannot be explained by the usual determinants of investment and many other seemingly plausible reasons. The decline is consistent with the transformation in production technology — firms rely more on intangible capital and less on fixed assets in production. Industry-level analyses yield supporting evidence. We observe similar declining trend in capital expenditure in other developed countries but not in most emerging markets.