The study looked at how the supply and demand for money affected US companies' investments from 1977 to 2011. They used data from publicly traded companies and found that when sales and Tobin's q (a measure of a company's value) were high, investments went up. But when cash flow and the cost of capital were high, investments didn't change much. This means that during tough economic times, companies were more likely to invest if people were buying their products or if their value was high, rather than if they had a lot of cash on hand or if borrowing was cheap.