What explains the lagged-investment effect?
成果类型：
Article
署名作者：
Eberly, Janice; Rebelo, Sergio; Vincent, Nicolas
署名单位：
Northwestern University; National Bureau of Economic Research; Universite de Montreal; HEC Montreal
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.05.002
发表日期：
2012
页码：
370-380
关键词：
摘要：
The best predictor of current investment at the firm level is lagged investment. This lagged-investment effect is empirically more important than the cash-flow and Q effects combined. We show that the specification of investment adjustment costs proposed by Christiano et al. (2005) predicts the presence of a lagged-investment effect and that a generalized version of their model is consistent with the behavior of firm-level data from Compustat. (C) 2012 Elsevier B.V. All rights reserved.
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