Bert D’Espallier; Guariglia, Alessandra - Centre for Finance, Credit and Macroeconomics (CFCM), …
Using a panel of 5,999 small and medium-sized Belgian enterprises (SMEs) over the period 2002-2008, we identify three measures of investment opportunities suitable for unlisted firms. We then estimate firm-varying investment-cash flow sensitivities (ICFS) from reduced-form investment equations...