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Asymmetric Effects of the Financial Crisis; Collateral-Based Investment-Cash Flow Sensitivity Analysis

Khramov, Vadim - International Monetary Fund (IMF) - 2012

This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm's assets that can be used as collateral should be taken into account. Using panel data on U.S. firms from 1990 to 2011, it was found that...

Persistent link: https://www.econbiz.de/10011242338

Is the investment-cash flow sensitivity still useful to gauge financing constraints?

Chichti, Jamel E.; Mansour, Walid - In: International Journal of Economic Policy in Emerging … 3 (2010) 1, pp. 71-84

Most of the papers in corporate finance use the investment-cash flow sensitivity as a key metric to gauge financing constraints. However, it has been documented in the theoretical and empirical literature that this metric is not necessarily symptomatic of financing constraints. In this paper, we...

Persistent link: https://www.econbiz.de/10008755557

Strategic investment decisions : a comparison of UK and German practices in the motor components industry ; a research report by the School of Management, University of Bath, ...

Carr, Christopher; Tomkins, Cyril; Bayliss, Brian Tennant - 1994

Persistent link: https://www.econbiz.de/10004196824

Shareholders and intensity of control

Drukarczyk, Jochen; Honold, Dirk; Schüler, Andreas - 1996

Persistent link: https://www.econbiz.de/10004312478

Corporate Governance : Eine aktienrechtliche und institutionenökonomische Analyse der Leitungsmaxime von Aktiengesellschaften

Metten, Michael - 2010

Persistent link: https://www.econbiz.de/10004955613

Impact on Agency Problems of China's Reform of the Split-Share Structure

Tseng, Tzu-Yun - In: Emerging Markets Finance and Trade 48 (2012) S3, pp. 35-44

China's unique split-share structure has resulted in serious agency problems. Moreover, the literature has shown that … free cash flow and overinvestment problems are common in China's listed firms. This paper investigates the impact of the … reform of the split-share structure, which is evidence for a decrease in agency problems in China's listed firms after this …

Persistent link: https://www.econbiz.de/10010602181