| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21549 |
| 来源ID | Working Paper 21549 |
| The Analytics of Investment, q, and Cash Flow | |
| Andrew B. Abel | |
| 发表日期 | 2015-09-14 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | In this paper I analyze the relationships among investment, q, and cash flow in a tractable stochastic model in which marginal q and average q are identically equal. After analyzing the impact of changes in the distribution of the marginal operating profit of capital, I extend the model to include measurement error and analyze the cash-flow coefficient in regressions of investment on q and cash flow. In empirical studies, the estimated cash-flow coefficient is generally positive and larger for rapidly growing firms. Such findings are typically interpreted as evidence of financial frictions facing firms. I derive closed-form expressions for the cash-flow coefficient that are positive and larger for faster growing firms, yet there are no financial frictions in the model. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w21549 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579224 |
| 推荐引用方式 GB/T 7714 | Andrew B. Abel. The Analytics of Investment, q, and Cash Flow. 2015. |
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