Which investment model best fits firm-level data? To answer this question we estimate alternative models using … implication, that Q is a sufficient statistic for determining a firm's investment decision, has been often rejected because cash …-flow and lagged-investment effects are present in investment regressions. However, we find that these regression results are …

investment" and the growth of "real capital". But as we shall see, in reality, the best time for capitalists is when their "real …