borrow domestically, finding this behavior is associated with shareholder payouts and some domestic investment spending …

We examine firms' simultaneous choice of investment, debt financing and liquidity in a large sample of US corporates … affect the corporate decisions of unconstrained firms more strongly than those of constrained firms. Investment-cash flow … sensitivities are particularly intense for unconstrained firms with high hedging needs. Investment opportunities (as proxied by Q …

opportunities and investment demand. Financial development primarily affects firms' external financing constraints. (2) Large firms …

shocks to their borrowing cost. It develops a dynamic model of corporate investment and financing decisions subject to real … size distribution and replicates the untargeted negative relationship between firm size and investment rates and cash … holdings. Cash holdings help firms sustain investment when access to debt becomes costly or restricted. However, a shock to …