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This paper studies whether the monotonicity condition of the investment-cash flow sensitivity is satisfied empirically … investment-cash flow sensitivity, rejects the monotonicity condition for any common metric of financing constraints we use. The … testing procedure we propose reconciles the conflicting findings of the literature about the shape of the investment-cash flow …
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This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive public cash flows (i.e. dividends). The dual-class...
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persistent decline in investment. Moreover, the territorial dispute has led to persistent pessimism in these firms' expectations … about future sales, which can explain 60% of the overall decline in investment. …
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