Lin, Chen; Ma, Yue; Xuan, Yuhai - In: Journal of Financial Economics 102 (2011) 2, pp. 416-431
This article examines the impact of the divergence between corporate insiders' control rights and cash-flow rights on firms' external finance constraints via generalized method of moments estimation of an investment Euler equation. Using a large sample of U.S. firms during the 1994–2002...