This paper studies whether the monotonicity condition of the investment-cash flow sensitivity is satisfied empirically … investment-cash flow sensitivity, rejects the monotonicity condition for any common metric of financing constraints we use. The …

This paper studies whether the monotonicity condition of the investment-cash flow sensitivity is satisfied empirically … investment-cash flow sensitivity, rejects the monotonicity condition for any common metric of financing constraints we use. The …

optimization program, the monotonicity condition is not fully satisfied ex post. Obviously, the standard statistical optimization …