Search Results - subject:"Financing constraints"

The roles of expected profitability, Tobin's Q and cash flow in econometric models of company investment

Vlieghe, Gertjan; Bond, Stephen; Klemm, Alexander; … - Royal Economic Society - RES - 2003

interpreted as suggesting the importance of financing constraints. Recent work shows that the Q model may not be identified if …

Persistent link: https://www.econbiz.de/10005022119

The effects of bank mergers on credit availability: evidence from corporate data

Patti, Emilia Bonaccorsi di; Gobbi, Giorgio - Banca d'Italia - 2003

, controlling for firms characteristics. Following the literature on investment and financing constraints, we also test whether …

Persistent link: https://www.econbiz.de/10005609374

Testing financing constraints on firm investment using variable capital

Caggese, Andrea - Department of Economics and Business, Universitat … - 2003

variable capital. We use the model to derive a test of financing constraints based on a reduced form variable capital equation …

Persistent link: https://www.econbiz.de/10005704919

Cash flow, investment, and investment opportunities: New tests using UK panel data

Guariglia, Alessandra; Carpenter, Robert E - Royal Economic Society - RES - 2003

The interpretation of the correlation between cash flow and investment is highly controversial. Some argue that it is caused by financial constraints, others by the correlation between cash flow and investment opportunities that are not properly measured by TobinÕs Q. This paper uses UK firmsÕ...

Persistent link: https://www.econbiz.de/10005232490

One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smaller Traded Firms

FORBES, KRISTIN J. - Sloan School of Management, Massachusetts Institute of … - 2003

There is growing support for taxes on short-term capital inflows in emerging markets, such as the encaje adopted by Chile from 1991-98. Previous empirical assessments of the encaje conclude that it may have generated some small economic benefits, such as shifting the composition of capital...

Persistent link: https://www.econbiz.de/10005450588

Financing constraints, cash-flow risk, and corporate investment

Hirth, Stefan; Viswanatha, Marc - In: Journal of Corporate Finance 17 (2011) 5, pp. 1496-1509

Using an analytically tractable two-period model of a financially constrained firm, we derive an investment threshold that is U-shaped in cash holdings. We show analytically the relevant trade-offs leading to the U-shape: the firm balances financing costs for present and future investment,...

Persistent link: https://www.econbiz.de/10010574236

Financial Development and Financing Constraints in a Developing Country: The Case of Bangladesh

LEE, KANG-KOOK; ISLAM, MD. RABIUL - In: Indian Economic Review 46 (2011) 1, pp. 41-67

financing constraints than larger firms due to financial market imperfection and unequal access to external finance. We also … find that investment financing constraints of small firms are eased along with financial development. It is likely that …

Persistent link: https://www.econbiz.de/10009368440

Bank Financing for SMEs: Evidence Across Countries and Bank Ownership Types

Beck, Thorsten; Demirgüç-Kunt, Asli; Pería, María - In: Journal of Financial Services Research 39 (2011) 1, pp. 35-54

Persistent link: https://www.econbiz.de/10008926131

Product Market Concentration, Financing Constraints, and Firms' Business Cycle Sensitivity

Pontuch, Peter - Université Paris-Dauphine (Paris IX) - 2011

We study the effects of product market concentration and financing constraints, separately and jointly, on the business … show that this effect of financing constraints is mostly present in truly competitive industries, and less so in … concentrated industries. Lastly we find that financing constraints have a significant impact on competition mechanisms, proxied by …

Persistent link: https://www.econbiz.de/10010707219

Bank financing for SMEs : evidence across countries and bank ownership types

Beck, Thorsten; Demirgüç-Kunt, Asli; Martínez … - In: Journal of financial services research : JFSR 39 (2011) 1/2, pp. 35-54

Persistent link: https://www.econbiz.de/10009247628