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Financial Constraints, Asset Tangibility, and Corporate Investment

Almeida, Heitor - 2006

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 …

Persistent link: https://www.econbiz.de/10012466582

Contemporary corporate finance research on South America

Campello, Murillo - In: The journal of corporate finance : contracting, … 18 (2012) 4, pp. 879-882

Persistent link: https://www.econbiz.de/10009581863

Financial constraints, asset tangibility, and corporate investment

Almeida, Heitor; Campello, Murillo - 2006

Persistent link: https://www.econbiz.de/10003297156

Financial constraints, asset tangibility, and corporate investment

Almeida, Heitor; Campello, Murillo - In: The review of financial studies 20 (2007) 5, pp. 1429-1460

Persistent link: https://www.econbiz.de/10003621165

Corporate financial and investment policies when future financing is not frictionless

Almeida, Heitor (contributor); Campello, Murillo (contributor) - 2008

Persistent link: https://www.econbiz.de/10003783416

The cash flow sensitivity of cash : replication, extension, and robustness

Almeida, Heitor; Campello, Murillo; Weisbach, Michael S. - 2021

This paper reexamines the empirical evidence on the cash flow sensitivity of cash presented by Almeida, Campello, and Weisbach (2004). The original paper introduces a model in which financially constrained firms choose to save cash out of incremental cash flows but financially unconstrained do...

Persistent link: https://www.econbiz.de/10012582630