# Professor Thomas Philippon's joint research on corporate capital investment is referenced

1 Faculty News January 4, 2017 ![Bloomberg View logo](/sites/default/files/styles/246w/public/assets/images/bloombergview_0.jpg?itok=47DlvcFA)>

Excerpt from [Bloomberg View](https://www.bloomberg.com/view/articles/2017-01-04/corporations-need-a-new-reason-to-be) -- "Graduate student German Gutierrez and finance professor [Thomas Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon) of New York University come to a similar place in their new paper, 'Investment-Less Growth: An Empirical Investigation.' They find a marked decline in corporate capital investment relative to profits and valuation, starting around the year 2000, and a big increase in payouts to shareholders (dividends and buybacks, although the increase has mostly been in buybacks)."

[Read more](https://www.bloomberg.com/view/articles/2017-01-04/corporations-need-a-new-reason-to-be)