The Investment Funds System Reconsidered
研究了瑞典投资基金制度对资本成本的影响，发现其激励效应取决于企业所处的政府释放基金时的制度环境及未来预期，在合理假设下，该制度对投资激励的影响远小于传统观点。
This paper studies the effects of the Swedish investment funds system (IF) on the cost of capital. It is shown that the incentive effects critically depend on which regime the firm is in when the funds are released by the government and which regime it expects to be in in the future. For quite reasonable assumptions, IF-releases turn on to have much less impact on the incentive to invest than conventionally assumed.