请教个关于rechardson investment effiency model实证相关问题: inv(t)=a0+a1*ret(t-1)+a2*cash(t-1)+a3*size(t-1)+a4*leverage(t-1)+a5*growth(t-1)+a6*age(t-1)+a7*inv(t-1)+a8*dumyear+a9*dumindustry+ridsidual
由于inv(t)是绝对值故要除以期初总资产;右侧相对值好处理:ret(t-1)直接按时间序列函数取l.ret,leverage(t-1)取l.leverage,growth(t-1)取l.growth;有正绝对值或正值较小好处理:size(t-1)取l.lnsize,age(t-1)取l.age;虚拟变量年份和行业不说了;关键是cash(t-1)和inv(t-1)也要除以年初总资产,但问题是除以本期年初总资产还是上期年初总资产?即是l.cash/l.asset、l.inv/l.asset?还是l.cash/l2.asset、l.inv/l2.asset(t-1)?