financially turbulent periods in the 2000s in making investment decisions and in meeting demand for liquidity. A rise in … uncertainty regarding the ability to obtain external funds may have induced firms to rely on internal funds to finance investment … activities. Therefore, we shed light on the cash flow sensitivity of investment and cash holdings by estimating firm- level …

business investment. To promote economic convergence of Eastern and Western Germany after reunification, bonus depreciation tax … control group, we address the question if and to what extent these investment tax incentives boosted investment. In line with … were cut back in 1997. Moreover, there was a significant reduction in building investment in the year after the expiration …

In this paper we use balance-sheet data and information on bankruptcy to study the relationship between investment …-2011, which also allows us to study the impact of the 2008 crisis on Czech companies. Using investment-cash flow sensitivity to … significant impact on the investment rate. By taking a closer look at individual subsamples we reveal that the existence of …