Investment-Cash Flow Sensitivities, Credit Rationing and Financing Constraints
نویسندگان
چکیده
منابع مشابه
Investment-cash flow sensitivities, credit rationing and financing constraints
The controversy over whether investment-cash flow sensitivity is a good indicator of financing constraints is still unresolved. We tackle it from several different angles and cross-validate our analysis with both balance sheet and qualitative data on self-declared credit rationing and financing constraints. Our qualitative information shows that (self-declared) credit rationing is (weakly) rela...
متن کاملCredit Constraints and Investment-Cash Flow Sensitivities
This paper analyzes the investment behavior of ...rms under a quantity constraint on the amount of external funds which can be raised at a given cost (credit constraints). In this world, investment-cash ‡ow sensitivities decrease in the degree of credit constraints, until a ...rm becomes e¤ectively unconstrained. This generates a “U-shaped” curve for the relationship between sensitivities and c...
متن کاملInvestment-cash Flow Sensitivities Are Not Valid Measures of Financing Constraints
Work by Kaplan and Zingales provides both theoretical arguments and empirical evidence that investment-cash ow sensitivities are not good indicators of nancing constraints. Fazzari, Hubbard, and Petersen {this Journal} criticize those ndings. In this note we explain how the Fazzari et al. criticisms are either very supportive of the claims in earlier work by Kaplan and Zingales or incorrect....
متن کاملGender, Investment Financing and Credit Constraints
This paper provides the first evidence on gender differences in investment financing, credit application and credit denial rates in Germany. The empirical analysis is carried out on a sample of firms drawn from the KfW Mittelstandspanel, a representative survey of German SMEs for the period from 2003 to 2009. Our results suggest that in female-owned firms the share of internal capital in invest...
متن کاملCostly External Financing, Investment Timing, and Investment-Cash Flow Sensitivity
This paper examines the effects of costly external financing on the optimal timing of a firm’s investment. By altering the optimal investment timing, costly financing affects current investment and the sensitivity of investment to internal cash flow. Importantly, the relation between the cost of external funds and investment-cash flow sensitivity is non-monotonic. Investment-cash flow sensitivi...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2008
ISSN: 1556-5068
DOI: 10.2139/ssrn.1153326