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Calibrated parameters are listed by symbol, with Cobb-Douglas and CES specifications shown in separate columns. Portfolio-sort tables report model excess returns in percent, with the data top-minus-bottom spread on a separate row. Comparative-statics tables vary the adjustment-cost parameters.",192 "units_stated_in_notes": true,193 "standard_errors_description": "none"194 },195 "figures": {196 "uncertainty_shown": "no"197 },198 "conclusion": {199 "bounded_claims": true,200 "policy_implications": false,201 "open_questions": true,202 "restates_contribution": true203 },204 "hedging": {205 "level": "moderate",206 "typical_devices": [207 "scope restriction to one-factor models",208 "phrases such as 'do not necessarily extend'",209 "'is likely to' and 'does not appear promising'",210 "explicit acknowledgment of what remains unclear in the two-factor literature"211 ]212 },213 "claim_evidence": [214 {215 "claim": "Public firms divest capital frequently after adverse shocks, with negative investment in about 18% of quarterly observations.",216 "evidence_type": "descriptive_statistic",217 "evidence_ref": "Table I, Figure 1"218 },219 {220 "claim": "With adjustment costs disciplined by investment data, the model's value premium is about one-third of the empirical premium.",221 "evidence_type": "table",222 "evidence_ref": "Table IV, Table V"223 },224 {225 "claim": "Operating costs that scale with capital do not raise return dispersion once investment targets are re-matched.",226 "evidence_type": "table",227 "evidence_ref": "Table VI"228 },229 {230 "claim": "Labor leverage via CES production fails to close the gap in the value premium.",231 "evidence_type": "table",232 "evidence_ref": "Tables VII-VIII"233 },234 {235 "claim": "Zhang (2005) generates a value premium only with investment volatility far below the data.",236 "evidence_type": "table",237 "evidence_ref": "Table C1, Appendix C"238 },239 {240 "claim": "Analytical intuition for how productivity, size, and book-to-market relate to returns.",241 "evidence_type": "equation_or_proof",242 "evidence_ref": "Appendix B"243 }244 ],245 "structural_summary": "The paper first documents firm-level investment facts from Compustat. It then builds and calibrates a one-factor neoclassical production model to those facts and shows that the model's size and value premia fall well short of the data. Next, it tests whether operating leverage and labor leverage, the leading amplification fixes in the literature, can close the gap, and finds they cannot once investment moments are matched. Appendices add a three-period analytical model and a reconciliation with Zhang (2005). The argument is framed as a tension between the parameter restrictions implied by quantities and by prices.",246 "writing_profile_keywords": [247 "production-based asset pricing",248 "calibration",249 "negative result",250 "investment moments discipline",251 "value premium",252 "critique of paradigm"253 ],254 "confidence": 0.8,255 "notes": "This is a quantitative-theory critique that rests on calibrated simulations; there is no econometric identification. 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