Bias-Corrected Nonlinear Investment- q Relation in the Cross Section of Firms
研究了企业投资与托宾q之间的非线性关系，通过分析师预测修正测量误差后，发现投资-q敏感性呈S形模式，低q企业敏感性低，中等q时增强，高q时减弱。
Abstract We study a nonlinear relationship between corporate investment and Tobin’s q in the cross section of firms. After correcting for nonlinear errors using a repeated measurement of q derived from analysts’ forecasts, we find evidence of varying investment-q sensitivity across firms. The investment-q sensitivity is low for firms with low q. It then becomes more pronounced at intermediate values before weakening at high values of q, resulting in an S-shaped pattern. In the cross section, the true investment-q relation is therefore not strictly linear. Firm investment is predicted to remain similar among firms with low q, suggesting that increases in q do not necessarily lead firms to increase investment significantly.