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New Managerial Ability and Firm Investment Efficiency
In order to distinguish essays and pre-prints from academic theses, we have a separate category. These are often much longer text based documents than a paper.
The thesis uses regression analysis to test the hypotheses empirically. It relies on data collected from multiple databases to form a final sample of 58,734 firm-year observations of US listed firms between 1990 and 2014 for the unconditional effect of managerial ability on investment efficiency. Including the managerial ownership and board monitoring moderating variables reduces the sample to 19,317 and 11,314 firm-year observations, respectively. The thesis also performs a number of additional tests including studying individual components of aggregate investment and multiple robustness checks such as propensity score matching, firm-fixed effects and manager-fixed effects to enrich and corroborate the main findings.