| 000 | 01118nam a22001697a 4500 | ||
|---|---|---|---|
| 008 | 190323b xxu||||| |||| 00| 0 eng d | ||
| 022 | _a0304-405X | ||
| 245 |
_aThe effects of q and cash flow on investment in the presence of measurement error / by Andrew B. Abel _cAndrew B. Abel |
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| 260 |
_aAmsterdam _bElsevier _cMay 2018 |
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| 300 | _aPages 363-377 | ||
| 440 |
_aJournal of Financial Economics _v128 (2) _x0304-405X |
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| 500 | _aAbstract I analyze investment, q, and cash flow in a tractable stochastic model in which marginal q and average q are identically equal. I introduce classical measurement error and derive closed-form expressions for the coefficients in regressions of investment on q and cash flow. The cash-flow coefficient is positive and larger for faster growing firms, yet there are no financial frictions in the model. I develop the concepts of bivariate attenuation and weight shifting to interpret the estimated coefficients on q and cash flow in the presence of measurement error. | ||
| 690 | _aInvestment | ||
| 690 | _aCash flow q | ||
| 690 | _aMeasurement error | ||
| 942 |
_2lcc _cSE |
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| 999 |
_c361357 _d361357 |
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