作者：Erickson, T; Whited, TM
作者单位：United States Department of Labor; University of Iowa
摘要：Many recent empirical investment studies have found that the investment of financially constrained firms responds strongly to cash flow Paralleling these findings is the disappointing performance of the q theory of investment: even though marginal q should summarize the effects of all factors relevant to the investment decision, cash flow still matters. We examine whether this failure is due to error in measuring marginal q. Using measurement error-consistent generalized method of moments esti...
