This paper describes the share of investment in fixed capital and working capital financed by retained earnings using a …, particularly by smaller firms located in countries with less developed financial markets. Investment in fixed assets represents …

This paper describes the share of investment in fixed capital and working capital …

We examine investment behavior when firms face costs in the access to external funds. We find that despite the … existence of liquidity constraints, standard investment regressions predict that cash flow is an important determinant of … investment only if one ignores q. Conversely, we also obtain significant cash flow effects even in the absence of financial …

This paper investigates how firms manage their cash savings, financing, and investment when aggregate uncertainty is …, investment irreversibility, and time-varying risk premia. In my model, firms have a precautionary-savings motive and real options …