role of rising rates of investment. Because labor reallocation across sectors, TFP growth at the sector level and … investment are all inter-related, simple growth decompositions that are often used in the literature are not appropriate for … continues to absorb more than half of all fixed investment. If capital had been allocated efficiently, China could have achieved …

firm's investment is comparatively more sensitive to cash flow, but this sensitivity is negatively and significantly … related with corporate efficiency. These results point to the fact that high investment sensitivity to cash flow may not be … solely driven by measurement error in investment opportunity, but may still be interpreted as a consequence of imperfect …