International evidence on investment and fundamentals
利用11个国家的企业数据，估计了包含固定、线性及凸性安装成本的投资函数，发现投资与基本面之间存在显著的非线性关系，这对理解企业投资行为有重要参考价值。
If a firm's costs of installing capital are not quadratic, then its optimal investment is not a linear function of fundamentals, such as the returns and costs of capital. This study specifies a model in which a firm may face fixed, linear, and convex costs of investing, and estimates the resulting investment function using firm-level data from 11 countries. The evidence suggests important nonlinearities, consistent with the presence of fixed or other non-quadratic costs, in the relationship between investment and fundamentals for most countries. These findings are statistically signficant at the level of the firm, and economically significant when aggregated by country.