marginal cash-savings rate that overstates individual issuers’ cash savings. Equity issuers with high investment opportunities …

We examine the effect of agency cost on the relation between top executives' overconfidence and investment-cash flow … increased investment-cash flow sensitivity. However, this relation holds only for companies with state-owned entities as … investment-cash flow sensitivity holds only for companies that exhibit high agency cost. Our results therefore suggest that …

Many studies of the determinants of investment use Tobin's q to control for the investment opportunities of a firm …. Tobin's q roughly measures the average return on a firm's capital anticipated by the market. More relevant for investment … decisions, however, is the marginal return on capital. In this paper we estimate investment and R&D equations using a measure of …

a data set of Indonesian listed firms for the period from 1995 to 2014, we find that excessive cash holding (over-investment …

This study aims to analyze how the company's internal funds and investment opportunities impact the company …’s investment decisions conditional to the financing constraints experienced. We classify companies into three categories based on … financing constraint have a higher investment-cash flow sensitivity than companies with a low financing constraint. We found …

Being a publicly listed firm is associated with costs and benefits related to investment, financing, and payout … investments, financing, and payouts during the financial crisis. While investment adjustments are identical, public firms net …

Large cash reserves have typically been associated with agency problems and poor investment decisions. I explore the …