free, 48-hour business skills course to female entrepreneurs in rural Mexico. We find that those assigned to treatment earn …

in Mexico from 1987-1995. More generally, our model suggests that countries which undertake sweeping macroeconomic and …

Kaplan and Zingales [1997] provide both theoretical arguments and empirical evidence that investment-cash flow …

We develop a model of investment with financial constraints and use it to investigate the relation between investment … between q and investment, relative to the frictionless benchmark. We present a calibrated version of the model, which, due to … this effect, generates realistic correlations between investment, q, and cash flow …

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 …

We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby … volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and … a long-term productivity-enhancing one. Because it takes longer to complete, long-term investment has a relatively less …

This paper examines the importance of financial constraints for firm investment expenditures by looking at the … relationship between investment expenditures and proceeds from voluntary asset sales in financially healthy US manufacturing … companies. Specifically, we examine whether asset sales have a greater influence on investment expenditures for firms that are …

Argentina's policy of devaluation with redenomination in 2002, in contrast to Mexico's policy of devaluation without debt … benefited high-dollar debtors, as shown in these firms' investment behavior, especially non-tradables firms whose revenues in … dollar terms were adversely affected by devaluation. That investment behavior contrasts with the experience of Mexican firms …

, firms make their export decisions and choose how much to invest. Investment is financed through one period loans from … increase in exports, and (iii) a large decline in investment. These real effects are consistent with the evidence for the …