A Stochastic Model of Investment, Marginal q and the Market Value of the Firm
给出了竞争性企业在产出和投入价格随机波动下的投资与估值闭式解，发现企业价值是资本存量的线性函数，最优投资率随边际q递增，且价格分布均值保持展宽会促进投资。
This paper presents closed-form solutions for the investment and valuation of a competitive firm with a Cobb-Douglas production function and a constant elasticity adjustment cost function in the presence of stochastic prices for output and inputs. The value of the firm is a linear function of the capital stock. The optimal rate of investmentis an increasing function of the slope of the value function with respect to the capital stock (marginal q). A mean preserving spread of the distribution of future price increases investment. An increase in the scale of the random component of a price can increase, decrease or not affect the rate of investment depending on the sign of the covariance of this price with a weighted average of all prices.(This abstract was borrowed from another version of this item.)