Eberly, Janice C. (contributor); Rebelo, Sérgio (contributor) - 2008
,
the two best-performing speci�cations are based on Hayashi�s (1982) model.
This model�s foremost implication, that Q is a … that Tobin�s
Q is a su� cient statistic for determining a �rm�s investment decision. This im-
plication has often been … of current investment that either Q or cash �ow. Both the cash-�ow
and the lagged-investment e�ect suggest that Hayashi …