impact of financing constraints on corporate investment? The short answer is no. The common practice of using pre … from previous studies the sensitivity of investment to cash flow is inverse basin-shaped. We provide an understanding of … this shape by studying investment and financial policies jointly, under different regimes of financing constraints. …

is that the creation of intangibles is largely achieved by human capital investment and requires lower upfront outlays … dilution. Our empirical evidence confirms that firms with higher intangible investment have lower upfront investment needs …. They make similar payouts as tangible investment firms, suggesting they are not on average more financially constrained …