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 …

the start of the financial crisis (third quarter of 2007) to its peak (first quarter of 2009), both large and investment … sharply (by 17.8% in the case of investment-grade firms) after the fall of Lehman. Though small and unrated firms have …

investment and employment. We first describe how companies used credit lines during the crisis (access, size of facilities, and …

to bypass attractive investment opportunities, with 86% of constrained U.S. CFOs saying their investment in attractive … their planned investment. Our results also hold in Europe and Asia, and in many cases are stronger in those economies …

We document how a plant-specific shock to investment opportunities at one plant of a firm ("treated plant") spills over … in investment and employment at the treated plant, this increase is offset by a decrease at other plants of the same … do not find any evidence of investment or employment spillovers at financially unconstrained firms …

Abstract U.S. firms have reduced their investment in scientific research ("R") compared to product development ("D …"), raising questions about the returns to each type of investment, and about the reasons for this shift. We use Census data that … cost. Companies with greater demand for refinancing during the 2008 financial crisis made larger cuts to R&D investment …

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

, without leverage constraints on investment, financial integration itself has no implication for international macro co …