| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6741 |
| DP6741 The Alliance Formation Puzzle and Capacity Constraints | |
| Dan Kovenock; Kai Konrad | |
| 发表日期 | 2008-03-14 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Which investment model best fits firm-level data? To answer this question we estimate alternative models using Compustat data. Surprisingly, the two best-performing specifications are based on Hayashi's (1982) model. This model's foremost implication, that Q is a sufficient statistic for determining a firm's investment decision, has been often rejected because cash-flow and lagged-investment effects are present in investment regressions. However, we find that these regression results are quite fragile and ineffectual for evaluating model performance. So, forget what investment regressions tell you. Models based on Hayashi (1982) provide a very good description of investment behaviour at the firm level. |
| 主题 | International Macroeconomics |
| 关键词 | Cash flow Tobin's q |
| URL | https://cepr.org/publications/dp6741 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535579 |
| 推荐引用方式 GB/T 7714 | Dan Kovenock,Kai Konrad. DP6741 The Alliance Formation Puzzle and Capacity Constraints. 2008. |
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