作者：Hoberg, Gerard; Maksimovic, Vojislav
作者单位：University of Southern California; University System of Maryland; University of Maryland College Park
摘要：We develop a novel 10-K text-based model of product life cycles and examine firm investment policies. Conditioning on the life cycle substantially improves the power of q to explain investment and reveals a natural ordering of investments over the life cycle. While R&D and CAPX sensitivity are high early in the cycle, acquisitions arise as products mature, and divestitures and product extension investments arise as products decline. q-sensitivities that condition on the life cycle can vary by ...
