' investment, growth and financial constraints. Combining propensity score matching with a difference-in-differences estimator, our … levels of tangible and intangible assets, and display lower dependence of investments and cash savings to the availability of …

We examine the neoclassical investment model using a panel of U.S. manufacturing firms. The standard model with no … for firms with low (pre-sample) payouts (firms we expect to face financing constraints). Hem, investment is sensitive to … both firm cash flow and macroeconomic credit conditions, holding constant investment opportunities. Sample splits based on …