What Happens After an Investment Spike—Investment Events and Firm Performance
投资激增之后:投资事件与企业绩效
Our study aims at investigating the relationship between investment spikes and subsequent productivity development at the firm level. We propose a novel identification scheme for the effects of an investment spike, using matching techniques and a tailored econometric modeling. It allows us to find efficiency differentials against matched firms in periods adjacent to the spike. We showed that TFP persistently falls after an investment spike, which is consistent with…