A New Look at Firm Market Value, Investment, and Adjustment Costs
指出传统用期初平均Q回归投资无法估计调整成本参数，提出两种利用市场信息的新方法，发现投资对Q的敏感度比传统估计高十倍以上，且投资是Q的凸函数，安装新资本的成本约占总投资成本的10%到13%。
We demonstrate that the conventional practice of running firm investment regressions on beginning-of-period average Q cannot recover structural parameters related to adjustment costs. We propose two new methods of estimating these structural parameters by using financial market information (average Q's). We find that the sensitivity of investment to Q is more than ten times higher than estimated in conventional Q regressions. Furthermore, a firm's investment rate is more responsive to expected future Q the higher the level of this Q; i.e., investment is a convex function of fundamentals. The cost of installing new capital is estimated to be approximately 10% to 13% of the total investment cost (including purchase) at usual rates of investment. © 1999 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology