D'Espallier, Bert; Guariglia, Alessandra - In: The European Journal of Finance 21 (2015) 1, pp. 1-25
Using a panel of 5999 Belgian small- and medium-sized enterprises (SMEs) over the period 2002-2008, we employ a Bayesian approach to derive firm-varying investment-cash flow sensitivities (ICFS) from reduced-form investment equations which include different measures of investment opportunities...
