Investment Behavior, Observable Expectations, and Internal Funds
利用证券分析师的盈利预测构建衡量投资基本面的新指标，发现投资对该指标反应显著，但对现金流不敏感，表明基本面比现金流更重要，且现金流效应可能源于对基本面控制不足。
We use earnings forecasts from securities analysts to construct a new measure of the neoclassical fundamentals that drive investment spending. We find that investment responds significantly to our new measure of fundamentals but is insensitive to cash flow, even for firms typically thought to be liquidity constrained. These results have two key implications. First, fundamentals may be more important for investment spending than would be suggested by the results to date from investment-q models. Second, the positive cash-flow effects obtained in such models may reflect a failure to control properly for fundamentals rather than the presence of financial constraints.