What Explains the Lagged Investment Effect?
研究发现企业当前投资的最佳预测指标是滞后投资，其预测能力超过现金流和Q效应之和，并用调整成本模型解释了这一现象。
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 et al. (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.