Ascioglu, Asli; Hegde, Shantaram P.; McDermott, John B. - In: Journal of Banking & Finance 32 (2008) 6, pp. 1036-1048
Models of capital market imperfections predict that information asymmetry decreases firm investment and increases the sensitivity of investment expenditures to fluctuations in internal funds. Previous empirical tests of the link between investment and financing decisions have relied on indirect...