Hubbard, R Glenn; Kashyap, Anil K; Whited, Toni M - In: Journal of Money, Credit and Banking 27 (1995) 3, pp. 683-701
The authors examine the neoclassical investment model using a panel of U.S. manufacturing firms. The standard model with no financing constraints cannot be rejected for firms with high (presample) dividend payouts. However, it is decisively rejected for firms with low (presample) payouts (firms...