The Effects of Uncertainty on Investment under Risk Neutrality with Endogenous Information
用贝叶斯框架分析风险中性企业在多个项目中选投资时，不确定性增加会促使企业花更多时间收集信息，从而延迟投资决策，即使风险中性也降低当前投资水平，并增加对流动资产的需求。
Using a Bayesian framework, this paper considers a risk-neutral firm which has to pick an investment project out of many that are available. It is shown that, if the firm is allowed to collect information, it will usually devote some time to information gathering before choosing. The main result is that, when uncertainty increases, the firm finds it profitable to delay investment decisions even further in order to collect more information. Thus increased uncertainty decreases the current level of investment even under risk neutrality. Another implication is that increased uncertainties cause an increase in the demand for liquid assets.