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"The best predictor of current investment at the firm level is lagged investment. This lagged-investment effect is empirically more important than the cash-flow and Q effects combined. We show that the specification of investment adjustment costs proposed by Christiano, Eichenbaum and Evans (2005) predicts the presence of a lagged-investment effect and that a generalized version of their model is consistent with the behavior of firm-level data from Compustat"--National Bureau of Economic Research web site

"Which investment model best fits firm-level data? To answer this question we estimate alternative models using Compustat data. Surprisingly, the two best-performing specifications are based on Hayashi's (1982) model. This model's foremost 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 quite fragile and ineffectual for evaluating model performance. So, forget what investment regressions tell you. Models based on Hayashi (1982) provide a very good description of investment behavior at the firm level"--National Bureau of Economic Research web site

Global news is generally bad news. On the surface, the story is about war, poverty, ethnic and sectarian strife. Democracy movements advanced by the U.S. government seem to be stalled or even reversed. Yet just below the surface, more hopeful trends are brewing. A new global awareness of the people at "the bottom of the pyramid" is summoning forth an unprecedented response to human need and suffering. It involves a shift from vertical to horizontal power that official aid agencies are only beginning to comprehend. Whereas twenty-five years ago, government aid accounted for 70 percent of all Am

Edited by founder and chairman of the National Fatherhood Initiative Don Eberly, The Faith Factor in Fatherhood addresses the key role that religious institutions can play in reviving what Eberly calls the 'sacred vocation of fatherhood.' In response to the wider debate regarding the increased expectations that are being placed by policy makers on faith-based institutions to serve important public purposes, contributors to this volume guide denominations, places of worship, and religious social agencies to recover the role they once played in reaching and supporting young men with a message of