| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8309 |
| DP8309 What Explains the Lagged Investment Effect? | |
| Sérgio Rebelo; Janice Eberly; Nicolas Vincent | |
| 发表日期 | 2011-04-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 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, Eichenbaum and Evans (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. |
| 主题 | International Macroeconomics |
| 关键词 | Cash flow Tobin's q |
| URL | https://cepr.org/publications/dp8309 |
| 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/537146 |
| 推荐引用方式 GB/T 7714 | Sérgio Rebelo,Janice Eberly,Nicolas Vincent. DP8309 What Explains the Lagged Investment Effect?. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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