| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26372 |
| 来源ID | Working Paper 26372 |
| Does Costly Reversibility Matter for U.S. Public Firms? | |
| Hang Bai; Erica X.N. Li; Chen Xue; Lu Zhang | |
| 发表日期 | 2019-10-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Yes, most likely. The firm-level evidence on costly reversibility is even stronger than the prior evidence at the plant level. The firm-level investment rate distribution is highly skewed to the right, with a small fraction of negative investments, 5.79%, a tiny fraction of inactive investments, 1.46%, and a large fraction of positive investments, 92.75%. When estimated via simulated method of moments, the standard investment model explains the average value premium, while simultaneously matching the key properties of the investment rate distribution, including the cross-sectional volatility, skewness, and the fraction of negative investments. The combined effect of costly reversibility and operating leverage is the key driving force behind the model’s quantitative performance. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w26372 |
| 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/584046 |
| 推荐引用方式 GB/T 7714 | Hang Bai,Erica X.N. Li,Chen Xue,et al. Does Costly Reversibility Matter for U.S. Public Firms?. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26372.pdf（524KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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