Asymmetric Adjustment of Dynamic Factors at the Firm Level
为投资动态双模型提供了一致估计框架，处理零投资和非零投资数据，发现投资与撤资方程参数显著不同，且投资期机器存量调整速度慢于收缩期。
Abstract This study provides a framework for consistent estimation of a dynamic dual model of investment for the case where data reveal zero and nonzero investments. The threshold model that is developed maintains that investments are zero if the shadow value of machinery is between a lower and an upper threshold. Separate equations are estimated for the investment and the disinvestment regime. A significant difference between the parameters of the investment and disinvestment equations is found. The stock of machinery adjusts slower toward the long‐run equilibrium target during an investment regime than during a contracting regime.