Hirth, Stefan; Uhrig-Homburg, Marliese - Institut für Industrielle Informationstechnik <Karlsruhe> - 2010
This paper analyzes the investment timing of firms facing two dimensions of financingconstraints: Liquidity constraints … voluntary investment delay. However, whenadditionally considering financing costs, we can explain both voluntary delay and … accelerationof investment. More precisely, we find that investment thresholds are U-shaped in liquid funds.For high-liquidity firms …