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Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints
Kaplan, Steven N. - 2000
Kaplan and Zingales [1997] provide both theoretical arguments and empirical evidence that investment-cash flow …
Persistent link: https://www.econbiz.de/10012471108
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Why Do U.S. Firms Hold So Much More Cash Than They Used To?
Bates, Thomas W. - 2006
The average cash to assets ratio for U.S. industrial firms increases by 129% from 1980 to 2004. Because of this increase in the average cash ratio, American firms at the end of the sample period can pay back their debt obligations with their cash holdings, so that the average firm has no...
Persistent link: https://www.econbiz.de/10012466129
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Investment, Finacial Factors and Cash Flow : Evidence From UK Panel Data
Devereux, Michael - 1989
measures of liquidity on the investment decisions of U. K. firms. These variables are introduced via an extension of the Q … model of investment which explicitly includes agency/financial distress costs. We discuss if the significance of cash flow …
Persistent link: https://www.econbiz.de/10012475929
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The Analytics of Investment, q, and Cash Flow
Abel, Andrew B. - 2015
In this paper I analyze the relationships among investment, q, and cash flow in a tractable stochastic model in which … regressions of investment on q and cash flow. In empirical studies, the estimated cash-flow coefficient is generally positive and …
Persistent link: https://www.econbiz.de/10012457120
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International Borrowing to Finance Investment
Engel, Charles - 1986
The motives of a small country for borrowing to purchase capital equipment on international markets are studied. The country produces tradable capital and a nontradable consumption good and borrows or lends capital to achieve higher levels of welfare. A shift in time-preference favoring future...
Persistent link: https://www.econbiz.de/10012477211
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Financial Constraints, Asset Tangibility, and Corporate Investment
Almeida, Heitor - 2006
When firms are able to pledge their assets as collateral, investment and borrowing become endogenous: pledgeable assets … support more borrowings that in turn allow for further investment in pledgeable assets. We show that this credit multiplier … has an important impact on investment when firms face credit constraints: investment-cash flow sensitivities are …
Persistent link: https://www.econbiz.de/10012466582
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Comparison and Analysis of Productivity Growth and R&D Investment in theElectrical Machinery Industries of the United States and Japan
Nadiri, M. Ishaq - 1986
This paper presents a comparative analysis of productivity growth in the U.S. and Japanese electrical machinery industries in the postwar period. This industry has experienced rapid growth in output and productivity and high rates of capital formation in both countries. A substantial amount of...
Persistent link: https://www.econbiz.de/10012477226
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Private and Public Investments in Biomedical Research
Durvasula, Maya M.; Ouellette, Lisa Larrimore; … - National Bureau of Economic Research - 2021
Recent policy attention has focused on proposals to reduce prices for drugs that have received public funding. From an implementation perspective, such policies rely on public disclosure of government support for research. In this paper, we highlight two conceptual problems with past attempts to...
Persistent link: https://www.econbiz.de/10012482567
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Firm Level Investment and R&D in France and the United States : A Comparison
Mulkay, Benoit - 2000
This paper is a contribution to the small but growing literature that compares the investment and R&D behavior of … of a simple error-corrected investment model for both ordinary investment and for R&D investment, a model that … incorporates both output (sales or turnover) and cash flow as predictors for investment. Our focus is on two comparisons: France …
Persistent link: https://www.econbiz.de/10012470693
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The Myth of the Patient Japanese : Corporate Myopia and Financial Distress in Japan and the US
Hall, Brian J. - 1996
decrease their R&D spending (our main proxy for long-term investment) more than Japanese firms. We find no evidence that this …
Persistent link: https://www.econbiz.de/10012473010