Tsoukalas, John - Centre for Finance, Credit and Macroeconomics (CFCM), …
finding is further taken as evidence of capital market imperfections. We argue that time-to-build for capital projects creates … indexed by the length of the time-to-build. We show that the typical (empirical) investment regression with q and cash flow is … ridden with specification error under time-to-build investment. This error is due to an omitted right hand side state …