Search Results - subject:"Financial constraints"

Ownership Characteristics and Access to Finance: Evidence from a Survey of Large Privatised Companies in Hungary and Poland

Isachenkova, Natalia; Mickiewicz, Tomasz - 2004

We examine financial constraints and forms of finance used for investment, by analysing survey data on 157 large … alternative measures of financial constraints we find that foreign companies, companies that are part of domestic industrial …

Persistent link: https://www.econbiz.de/10009476697

Taking stock: monetary policy transmission to equity markets

Ehrmann, Michael; Fratzscher, Marcel - 2004

individual stocks react in a highly heterogeneous fashion and relate this heterogeneity to financial constraints and Tobin's q …

Persistent link: https://www.econbiz.de/10011604400

Could Mr. and Mrs. Capital Market Imperfection please step forward? An empirical analysis of adverse selection and moral hazard in capital markets

Hyytinen, Ari; Väänänen, Lotta - 2004

Despite the voluminous and growing literature on financial constraints, the origins of the constraints are hardly ever …

Persistent link: https://www.econbiz.de/10010285110

Conglomerate entrenchment under optimal financial contracting

Faure-Grimaud, Antoine; Inderst, Roman - London School of Economics (LSE) - 2004

We provide a formal analysis of the notion that conglomerates are more ‘entrenched’ as they have ‘deeper pockets’. Using the financial contracting model of Bolton and Scharfstein (1990), we can isolate two effects that confirm this conjecture: the pooling of cash flows, which allows to...

Persistent link: https://www.econbiz.de/10010746348

Taking stock: monetary policy transmission to equity markets

Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2004

individual stocks react in a highly heterogeneous fashion and relate this heterogeneity to financial constraints and Tobin's q …

Persistent link: https://www.econbiz.de/10005070377

Financing FDI into Developing Economies and the International Transmission of Business Cycle Fluctuations

Dietrich, Diemo - In: Swiss Journal of Economics and Statistics (SJES) 140 (2004) IV, pp. 449-481

We consider a financially constrained multinational corporation with investment projects in both an industrial and a developing country. Since the collateral values of the projects' tangible assets diverge, the willingness of banks to grant a loan depends not only on the firm's financial wealth...

Persistent link: https://www.econbiz.de/10005077480

Financial constraints for investors and the speed of adaptation: Are innovators special?

von Kalckreuth, Ulf - Deutsche Bundesbank - 2004

sensitivities for the identification of financial constraints. Using the autumn and the spring wave of the Ifo Institute … financing conditions. Financial constraints affect the distribution of investment over time in a fundamental way. Following a … on Schworm?s (1980) model of optimal investment under financial constraints, we use it to test the empirical content of …

Persistent link: https://www.econbiz.de/10005083073

Investment, Irreversibility, and Financial Imperfections

Holt, Richard - School of Economics, University of Edinburgh - 2004

constraints on a firm's incentive to invest is characterised using option pricing techniques. Financial constraints reduce the …

Persistent link: https://www.econbiz.de/10005086767

Investment and Dividends under Irreversibility and Financial Constraints

Holt, Richard - School of Economics, University of Edinburgh - 2004

Research finds that firms' investment and dividend policies are distorted by irreversibility and finance constraints. Whereas the existing literature examines these features separately, this paper considers their interaction. The main theoretical result concerns the separation of the investment...

Persistent link: https://www.econbiz.de/10005086768

The evolution of the firm size distribution and nationality of ownership

BARRIOS, Salvador; GOERG, Holger; STROBL, Eric - Center for Operations Research and Econometrics (CORE), … - 2004

to become more lognormal, and argued that this is likely due to firms initially facing financial constraints, see Cabral … companies for which financial constraints arer generally considered to be lower than non-multinationals. Moreover, such a …

Persistent link: https://www.econbiz.de/10005065439