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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 …
Persistent link: https://www.econbiz.de/10008755557
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Financial constraints for investment in Brazil
Crisóstomo, Vicente Lima; Iturriaga, Félix Javier López - In: International Journal of Managerial Finance 10 (2014) January, pp. 73-92
Purpose – The purpose of this paper is to verify the existence of financial constraints for investment in Brazil, an … and GMM to estimate dynamic models of investment that take into account the proposals of the hierarchy of finance theory …. In addition, the paper controls for growth opportunities. Capital market imperfections affect firm investment in Brazil …
Persistent link: https://www.econbiz.de/10010732413
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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 … investment-cash flow sensitivity, which decreased substantially after the crisis when banks changed their expectations about the … value of assets on firms' balance sheets. This paper deepens our understanding of firms' investment behavior. …
Persistent link: https://www.econbiz.de/10011242338
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On Brazil’s Term Structure; Stylized Facts and Analysis of Macroeconomic Interactions
Cabral, Rodrigo; Munclinger, Richard; Alves, Luiz; … - International Monetary Fund (IMF) - 2011
This paper characterizes the term structure of Treasury bond yields for Brazil, and estimates a Nelson-Siegel Model to …
Persistent link: https://www.econbiz.de/10009147330
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Cash Flow Statements
Kapic, Jadranka - In: Economic Analysis 42 (2009), pp. 38-49
Financial statements are aimed at providing information that can be used by investors and creditors to forecast, compare and evaluate potential money in cash flows for their needs by the amount, the time schedule and the characteristic risks. The purpose of financial statements is to provide the...
Persistent link: https://www.econbiz.de/10010969057
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Investment, R&D and financial constraints in Britain and Germany
Bond, Stephen; Harhoff, Dietmar; Van Reenen, John - London School of Economics (LSE) - 2003
This paper tests for the importance of cash flow on investment in fixed capital and R&D using firm-level panel data in … investment or R&D. In identical specifications for British firms, cash flow is informative about investment, although not about … the level of R&D spending conditional on the R&D participation decision. In the UK, we also find that investment is less …
Persistent link: https://www.econbiz.de/10010884496
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АНАЛИЗ ВЛИЯНИЯ ИЗМЕНЕНИЯ ДЕНЕЖНЫХ ПОТОКОВ НА ЧУВСТВИТЕЛЬНОСТЬ ИНВЕСТИЦИОННОЙ ДЕЯТЕЛЬНОСТИ ПРЕДПРИЯТИЯ...
ПЕТРОВИЧ, МАГДЫЧ ИГОРЬ - In: Бизнес Информ (2014) 3, pp. 277-282
В статье исследовано и проанализировано влияние изменения денежных потоков на чувствительность инвестиционной деятельности предприятия. Доказано, что...
Persistent link: https://www.econbiz.de/10011216068
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Investment and financing constraints in China: does working capital management make a difference?
Guariglia, Alessandra; Ding, Sai; Knight, John - Department of Economics and Finance, Business School - 2010
linkages between investment in fixed and working capital and financing constraints. We find that those firms characterized by … high working capital display high sensitivities of investment in working capital to cash flow (WKS) and low sensitivities … of investment in fixed capital to cash flow (FKS). We then construct and analyze firm-level FKS and WKS measures and find …
Persistent link: https://www.econbiz.de/10009293618
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Financing Constrains as Determinants of the Investment Behaviour of Estonian Firms
Maaso, Jaan - In: Baltic Journal of Economics 3 (2002) 1, pp. 8-30
investment regressions and using the investment Euler equation. Results show that internal finance played a bigger role for …
Persistent link: https://www.econbiz.de/10009416173
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Investment and financing constraints in China: does working capital management make a difference?
Ding, Sai; Guariglia, Alessandra; Knight, John - Scottish Institute for Research in Economics (SIRE) - 2010
linkages between investment in fixed and working capital and financing constraints. We find that those firms characterized by … high working capital display high sensitivities of investment in working capital to cash flow (WKS) and low sensitivities … of investment in fixed capital to cash flow (FKS). We then construct and analyze firm-level FKS and WKS measures and find …
Persistent link: https://www.econbiz.de/10010553618