Bert D’Espallier; Guariglia, Alessandra - Centre for Finance, Credit and Macroeconomics (CFCM), …
measures of investment opportunities suitable for unlisted firms. We then estimate firm-varying investment-cash flow … model that does not control for investment opportunities. We find that all our models yield similar ICFS estimates, which … do not simply reflect investment opportunities. The investment opportunities bias may therefore have been overstated in …