On the investment sensitivity of debt under uncertainty
We investigate the impact of debt on a panel of U.S. manufacturing firms' capital investment behavior as the underlying firm-specific and market-level uncertainty changes. Our estimates show that the influence of leverage on capital investment may be stimulating or mitigating depending on the effects of uncertainty.
Year of publication: |
2010
|
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Authors: | Baum, Christopher F. ; Caglayan, Mustafa ; Talavera, Oleksandr |
Published in: |
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 106.2010, 1, p. 25-27
|
Publisher: |
Elsevier |
Subject: | Capital investment Leverage Uncertainty |
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