D'Espallier, Bert; Vandemaele, Sigrid; Peeters, Ludo - In: Review of Business and Economics LIV (2009) 4, pp. 461-488
Recent studies in corporate finance estimate firm-varying investment-cash flow sensitivities (ICFS) when empirically studying financing constraints. We go along with this approach but suggest two methodological improvements. First, we estimate firm-varying ICFS by modeling heterogeneous slopes...