The Effect of Uncertainty on Investment: Some Stylized Facts
利用美国制造业企业面板数据，检验不确定性对投资的影响，发现不确定性会抑制投资，支持不可逆投资理论，但未发现资本边际产品凸性带来的正向效应或基于CAPM的风险效应。
The theoretical relationship between investment and uncertainty is ambiguous. This paper briefly surveys the insights that theory has to offer and then runs a series of simple tests aimed at evaluating the empirical significance of various theoretical effects. The authors' results from a panel of U.S. manufacturing firms indicate a negative effect of uncertainty on investment consistent with theories of irreversible investment. They find no evidence for a positive effect via the channel of the convexity of the marginal product of capital and find no evidence for the presence of a CAPM-based effect of risk. Copyright 1996 by Ohio State University Press.