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The U-Shaped Investment Curve: Theory and Evidence
Cleary, Sean; Povel, Paul E M; Raith, Michael - C.E.P.R. Discussion Papers - 2004
This Paper examines how the investment of financially constrained firms varies with their level of internal funds. We … develop a theoretical model of optimal investment under financial constraints. Our model endogenizes the costs of external … investment is U-shaped. In particular, when a firm’s internal funds are negative and sufficiently low, a further decrease leads …
Persistent link: https://www.econbiz.de/10005789183
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Corporate investment, cash flow level and market imperfections: The case of Norway
Mundaca, B. Gabriela; Nordal, Kjell Bjørn - 2007
We analyze firms’ investment behavior, differentiating firms according to the cash flow levels they experience during … positive cash flow show higher investment-cash flow sensitivity than firms with persistent negative cash flow. Independent of …
Persistent link: https://www.econbiz.de/10010284329
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Corporate investment, cash flow level and market imperfections: The case of Norway
Mundaca, B. Gabriela - Økonomisk institutt, Universitetet i Oslo - 2007
We analyze firms’ investment behavior, differentiating firms according to the cash flow levels they experience during … positive cash flow show higher investment-cash flow sensitivity than firms with persistent negative cash flow. Independent of …
Persistent link: https://www.econbiz.de/10005652368
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“Corporate investment, cash flow level and market imperfections”
Mundaca, Gabriela - Volkswirtschaftliche Fakultät, … - 2008
We analyze firms’ investment behavior, differentiating firms according to the cash flow levels they experience during … positive cash flow show higher investment-cash flow sensitivity than firms with persistent negative cash flow. Independent of …
Persistent link: https://www.econbiz.de/10008596357
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Financial constraints and firm capital structure in Kenya
Kirui, Benard Kipyegon; Gor, Seth Omondi - 2018
Empirical evidence suggests that capital structure varies across firms facing different levels of information asymmetry, however, this evidence contradict the prediction of pecking order hypothesis. Although debt capacity constraints offer some explanation for this discrepancy, it fails to...
Persistent link: https://www.econbiz.de/10011771645
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Financial Constraints and Firm Capital Structure in Kenya
Kirui, Benard Kipyegon; Gor, Seth Omondi - In: International Journal of Economics and Finance 10 (2018) 1, pp. 177-190
Empirical evidence suggests that capital structure varies across firms facing different levels of information asymmetry, however, this evidence contradict the prediction of pecking order hypothesis. Although debt capacity constraints offer some explanation for this discrepancy, it fails to...
Persistent link: https://www.econbiz.de/10011770452
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The Impact of the Financial Crisis on Innovation and Growth: Evidence from Technology Research and Development
Alfranseder, Emanuel; Dzhamalova, Valeriia - Knut Wicksells centrum för finansvetenskap, … - 2014
real economy. This paper investigates the impact of the financial crisis of 2007-2009 on corporate investment, in …
Persistent link: https://www.econbiz.de/10011132253
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On the Relationship between the Investment-Cashflow Sensitivity and the Degree of Financing Constraints
Iona, Alfonsina; Leonida, Leone; Ozkan, Aydin - Business School, University of Exeter - 2006
We investigate whether the investment-cash flow sensitivity is monotonic in the degree of financing constraints. By … using a large panel of publicly traded non-financial U.K. firms, we show that the investment-cash flow sensitivity is … financially constrained. If taken as a whole, our findings suggest that higher investment-cash flow sensitivities may hardly be …
Persistent link: https://www.econbiz.de/10008852496
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Liquidation Values, Risk and Capital Structure
Rosellon Cifuentes, M.A. - Tilburg University, Center for Economic Research - 1999
This paper investigate the interaction between financial structure, liquidation values and product market equilibrium. Liquidation values depend on how many firms are liquidated, and therefore on the industry equilibrium of capital structures and of technology choices. We show that firms using a...
Persistent link: https://www.econbiz.de/10011092400
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Evidence on the determinants of investment-cash flow sensitivity
Gautam, Vikash; Vaidya, Rajendra R. - In: Indian economic review : official journal of Delhi … 53 (2018) 1/2, pp. 229-244
Persistent link: https://www.econbiz.de/10012225828