Most empirical models of investment rely on the assumption that firms are able to respond to prices set in centralized securities markets (through the "cost of capital" or "q"). An alternative approach emphasizes the importance of cash flow as a determinant of investment spending, because of a "financing hierarchy," in which internal finance has important cost advantages over external finance. We build on recent research concerning imperfections in markets for equity and debt. This work suggests that some firms do not have sufficient access to external capital markets to enable them to respond to changes in the cost of capital, asset prices, or tax-based investment incentives. To the extent that firms are constrained in their ability to rai...
In the last two decades, a renewed interest about the influence of financial factors on a firm’s cap...
We examine firms’ simultaneous choice of investment, debt financing and liquidity in a large sample ...
We study the sensitivity of investment to cash flow conditional on measures of q in an adjustment co...
The question we address in this paper is whether the investment spending of at least some firms is a...
This thesis presents various dynamic models of corporate decisions to address two main issues: inve...
In this paper we describe a model of optimal investment of various types of financially constrained ...
We investigate whether the sensitivity of corporate investment to internal cash flows is related to ...
This thesis provides insights into the capital investment behaviour of firms and examines the effici...
Despite extensive research, the exact nature of the dependence of corporate investment on firm liqui...
This thesis examines different aspects of cash flow sensitivities in the context of corporate financ...
The empirical application of the financing constraints paradigm supports the joint hypothesis that c...
We examine the cash-flow sensitivities of firms" simultaneous choice of investment, liquidity, divid...
This paper investigates whether investment spending of firms is sensitive to the availability of int...
This paper proposes a theory of corporate liquidity demand and provides new evidence on corporate ca...
We study the sensitivity of investment to cash flow conditional on measures of q in an adjustment co...
In the last two decades, a renewed interest about the influence of financial factors on a firm’s cap...
We examine firms’ simultaneous choice of investment, debt financing and liquidity in a large sample ...
We study the sensitivity of investment to cash flow conditional on measures of q in an adjustment co...
The question we address in this paper is whether the investment spending of at least some firms is a...
This thesis presents various dynamic models of corporate decisions to address two main issues: inve...
In this paper we describe a model of optimal investment of various types of financially constrained ...
We investigate whether the sensitivity of corporate investment to internal cash flows is related to ...
This thesis provides insights into the capital investment behaviour of firms and examines the effici...
Despite extensive research, the exact nature of the dependence of corporate investment on firm liqui...
This thesis examines different aspects of cash flow sensitivities in the context of corporate financ...
The empirical application of the financing constraints paradigm supports the joint hypothesis that c...
We examine the cash-flow sensitivities of firms" simultaneous choice of investment, liquidity, divid...
This paper investigates whether investment spending of firms is sensitive to the availability of int...
This paper proposes a theory of corporate liquidity demand and provides new evidence on corporate ca...
We study the sensitivity of investment to cash flow conditional on measures of q in an adjustment co...
In the last two decades, a renewed interest about the influence of financial factors on a firm’s cap...
We examine firms’ simultaneous choice of investment, debt financing and liquidity in a large sample ...
We study the sensitivity of investment to cash flow conditional on measures of q in an adjustment co...