not been considered in previous studies on investment even though most (if not all) panel data sets on firms are … corporate income tax rate was partly compensated for by stricter depreciation allowances. Investment dynamics appear to be … crucial for the coefficients of cash flow variables in investment equations. While cash flow effects are present in the (first …

transmission of bank distress to the real economy—in particular, to real investment and labor employment by nonfinancial firms. We … supply downsize their real investment and labor employment significantly. This effect islarger for firms that are unable to …