BOND, Stephen; HARHOFF, Dietmar; REENEN, John VAN - In: Annales d'Economie et de Statistique (2005) 79-80, pp. 433-460
This paper tests for the importance of cash flow on investment in fixed capital and R&D using firm-level panel data in two countries between 1985 and 1994. For German firms, cash flow is not informative in simple econometric models of fixed investment or R&D. In identical specifications for...