Author: Steven M. FazzariPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Financing constraints and corporate investment : response to Kaplan and Zingales
Author: Steven M. FazzariInvestment-cash Flow Sensitivities are Not Valid Measures of Financing Constraints
Author: Steven N. KaplanPublisher:
ISBN:
Category : Cash flow
Languages : en
Pages : 24
Book Description
Kaplan and Zingales [1997] provide both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing constraints. Fazzari, Hubbard and Petersen [1999] criticize those findings. In this note, we explain how the Fazzari et al. [1999] criticisms are either very supportive of the claims in Kaplan and Zingales [1997] or incorrect. We conclude with a discussion of unanswered questions.
Financing constraints and corporate investment
Author: Steven FazzariInvestment, Acquisitions, and Financial Constraints
Author: Joshua Robert PiercePublisher:
ISBN:
Category : Advertising
Languages : en
Pages : 296
Book Description
Do Investment-cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
Author: Steven N. KaplanPublisher:
ISBN:
Category : Cash flow
Languages : en
Pages : 34
Book Description
Handbook of the Economics of Finance
Author: G. ConstantinidesPublisher: Elsevier
ISBN: 9780444513632
Category : Business & Economics
Languages : en
Pages : 698
Book Description
Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Innovations in Investments and Corporate Finance
Author: Mark HirscheyPublisher: Elsevier
ISBN: 9780762308972
Category : Business & Economics
Languages : en
Pages : 224
Book Description
The valuation of Internet companies, effects of firm size in takeover studies, and long-run performance of mergers in the telecommunications industry are all seen as riddles for the Efficient Markets Hypothesis. This volume focuses on pricing puzzles in investments. It also features studies describing innovations in corporate finance.
Investment and Liquidity Constraints
Author: Andreas BehrPublisher: Springer Science & Business Media
ISBN: 3322820106
Category : Business & Economics
Languages : en
Pages : 181
Book Description
Based on a unique database of German firms, the Deutsche Bundesbank's Corporate Balance Sheet Statistics, Andreas Behr explores the link between financial factors and a firm's investment decision within the framework of the Q-theory of investment.
Corporate Investment in Emerging Markets
Author: Delong LiPublisher: International Monetary Fund
ISBN: 1513550543
Category : Business & Economics
Languages : en
Pages : 30
Book Description
We examine how firm and country heterogeneity shape the response of corporate investment in emerging markets to changes in global interest rates and volatility. We test for the presence of (i) a financing channel originating from changes in the costs of external borrowing and (ii) a real options channel—reflecting firms’ option values to delay investment. We find evidence of the coexistence of both channels. Financially weaker firms reduce investment by more in response to higher interest rates or volatility, while firms with stronger balance sheets become less willing to invest after volatility spikes. Furthermore, the intensity of the financing channel diminishes for firms in countries with lower public debt, higher foreign reserves, or deeper financial markets.
Determinants of Innovative Behaviour
Author: Cees van BeersPublisher: Springer
ISBN: 0230285732
Category : Business & Economics
Languages : en
Pages : 321
Book Description
A rich overview of current research on determinants of innovative behaviour. It is a unique work as it illuminates these from different perspectives such as, economics, management and psychology. Using several methods of analysis, it shows what specific determinants are predominant in explaining firm performance on innovation.