The Present Value of Profits and Cyclical Movements in Investment
计算了边际利润的预期现值序列，发现其变动主要源于资本成本而非边际利润，且该序列虽与投资显著相关，但仍有大量序列相关的投资变动未被解释。
Most of the empirical work on investment is based on the existence of a relation between investment and the expected present val of marginal profits.Thus, in this paper we compute such a present value series, under various assumptions about demand and technology and examine its relation to investment.We find that variations in this present value series are, surprisingly,due more to variations in the cost of capital than to variations in marginal profit. We also find that the present value series, although significantly related to investment, still leaves unexplained a large, serially correlated fraction of investment.