Inflation, Uncertainty, and Investment
研究通货膨胀如何影响企业固定资产投资，发现未来价格确定时通胀对折旧税盾现值的影响非线性，而未来资产价格不确定性则通过创造有价值的转换期权使短寿命资产受益。
ABSTRACT This paper investigates the effect of inflation on a firm's investments in fixed assets. When future prices are certain, inflation affects the present value of depreciation tax shields, and the impact of inflation on the choice between different lived assets is nonmonotonic. Future asset price uncertainty creates a valuable switching option and benefits shorter‐lived assets.