How Do Frictions Affect Corporate Investment? A Structural Approach
提出一种基于非线性投资规则的对数似然函数的结构性方法，检验投资方程，并分析实际摩擦和融资摩擦如何影响企业投资概率。研究发现，包含非凸投资摩擦的q理论模型能更好解释数据，且投资的实际和融资成本与行业资本强度相关。
This paper provides a structural approach to testing investment equations based on the log-likelihood function of a nonlinear investment rule. The analysis integrates the predictions of the q -theory for the commonly studied active region of investment and provides new inferences on how real and financing frictions affect the probability that a firm invests. The empirical findings are consistent with the macro-finance literature suggesting that q -theory models with nonconvex investment frictions better explain the data. I also find that both real and financing costs of investment are related to the capital intensity of the industry in which firms operate.