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 …

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 …