This table reports OLS and Instrumental Variable (IV) estimation results from investment regressions. Regressions
include industry-fixed effects. The data are from the U.S. sample, first quarter of 2009. Refer to Table 2 for detailed
variable definitions. Test-statistics reported in parentheses are based on heteroskedasticity-consistent standard errors
adjusted for clustering across observations of a given industry using the 2-Step GMM estimator. The table also reports
diagnostic statistics for instruments’ overidentification (Hansen’s J-stat p-val. reported) and first-stage F-test of excluded
instruments (lowest p-val. reported).
自变量是竖排的 cash holdings lcs casholdings*lcs large public firms investmentgrade unconstrainedcredit
变量 有 3个，是头顶横行的 Plannedinvestment Planedtechspending planedemployment
IV 变量是 industry？
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