Equilibrium Investment and Asset Prices under Imperfect Corporate Control
将Jensen的自由现金流理论融入动态均衡模型，研究不完全公司控制对资产价格和投资的影响，发现企业部门的总自由现金流是解释资产价格、投资以及利率和收益率曲线周期行为的重要状态变量。
We integrate a widely accepted version of the separation of ownership and control—Michael Jensen's (1986) free cash flow theory—into a dynamic equilibrium model, and study the effect of imperfect corporate control on asset prices and investment. Aggregate free cash flow of the corporate sector is an important state variable in explaining asset prices, investment, and the cyclical behavior of interest rates and the yield curve. The financial friction causes cash-flow shocks to affect investment, and causes otherwise i.i.d. shocks to be transmitted from period to period. The shocks propagate through large firms and during booms.