On Stock Market Returns and Returns on Investment
推导了在特定条件下（线性齐次生产函数和调整成本函数），企业投资回报与金融市场回报在每种状态下相等，该结论在考虑投资约束和税收时依然稳健。
ABSTRACT This article presents general conditions under which it is possible to obtain asset pricing relations from the intertemporal optimal investment decision of the firm. Under the assumption of linear homogeneous production and adjustment cost functions (the Hayashi (1982) conditions), it is possible to establish, state by state, the equality between the return on investment and the market return of the financial claims issued by the firm. This result proves to be, in essence, robust to the consideration of very general constraints on investment and the inclusion of taxes.