{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/121306"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/121306","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Three essays on corporate finance and uncertainty","abstract":"Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2025-08-01","abstract_html":"Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2025-08-01","abstract_has_math":false,"creators":["Kamble, Vaibhav Keshav"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Agricultural & Applied Econ","degree_department":null,"school":null,"contributors":["Nelson, Carl","Almeida , Heitor","Ridley , William","Devadoss , Stephen"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2023,"date_issued":"2023-08","date_published":"2023-08","updated_at":"2026-07-22T22:24:57Z","subjects":["Corporate Investment","Trade Policy","Uncertainty","Instrumental Variable","Real Options","Trump"],"languages":["en","eng"],"rights":["Copyright 2023 Vaibhav Kamble"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"https://hdl.handle.net/2142/121306","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Nelson, Carl","Almeida , Heitor","Ridley , William","Devadoss , Stephen"]},{"key":"dc:creator","label":"Author","values":["Kamble, Vaibhav Keshav"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2023-08","2023-07-07"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Agricultural & Applied Econ"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Corporate Investment","Trade Policy","Uncertainty","Instrumental Variable","Real Options","Trump"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en","eng"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 2023 Vaibhav Kamble"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["https://hdl.handle.net/2142/121306"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["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","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."]},{"key":"dc:format","label":"Dc Format","values":["application/pdf"]},{"key":"dc:title","label":"Title","values":["Three essays on corporate finance and uncertainty"]}]}],"canonical_facts":{"dc:contributor":["Nelson, Carl","Almeida , Heitor","Ridley , William","Devadoss , Stephen"],"dc:creator":["Kamble, Vaibhav Keshav"],"dc:date":["2023-08","2023-07-07"],"dc:description":["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","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."],"dc:format":["application/pdf"],"dc:identifier":["https://hdl.handle.net/2142/121306"],"dc:language":["en","eng"],"dc:rights":["Copyright 2023 Vaibhav Kamble"],"dc:subject":["Corporate Investment","Trade Policy","Uncertainty","Instrumental Variable","Real Options","Trump"],"dc:title":["Three essays on corporate finance and uncertainty"],"dc:type":["text"],"thesis:degree_discipline":["Agricultural & Applied Econ"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:24:57Z"}