Table 3: Investment	
	(1)
VARIABLES	vbl
	
L1vbl	-0.107***
	(0.0137)
L2vbl	-0.0628***
	(0.0134)
L3vbl	-0.0526***
	(0.0129)
L4vbl	-0.0341***
	(0.0126)
shock	-0.102***
	(0.0204)
L1shock	-0.150***
	(0.0202)
L2shock	0.0142
	(0.0196)
Constant	0.0568***
	(0.00314)
	
Observations	5,285
Number of ifscode	165
R-squared	0.032
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
