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Financing constraints and firms’ cash policy in the euro area
Pál, Rozália; Ferrando, Annalisa - 2006
This paper investigates the financing conditions of non-financial corporations in the euro area. We develop a new firm classification based on micro data by distinguishing between three groups of firms: unconstrained, relatively and absolutely constrained firms. We also provide further evidence...
Persistent link: https://www.econbiz.de/10011604688
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Firms' investment under financial constraints : a euro area investigation
Pál, Rozália; Kozhan, Roman - In: Applied financial economics 19 (2009) 19/21, pp. 1611-1624
Persistent link: https://www.econbiz.de/10003904308
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Firms' investment under financing constraints : a euro area investigation
Pál, Rozália (contributor); Kozhan, Roman (contributor) - 2006
In this paper we describe a theoretical model of optimal investment of various types of financially constrained firms. We show that the resulting relationship between internal funds and investment is non-monotonic. In particular, the magnitude of the cash flow sensitivity of the investment is...
Persistent link: https://www.econbiz.de/10003435432
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Firms' investment under financing constraints. An euro area investigation
Pál, Rozália; Kozhan, Roman - 2006
In this paper we describe a theoretical model of optimal investment of various types of financially constrained firms. We show that the resulting relationship between internal funds and investment is non-monotonic. In particular, the magnitude of the cash flow sensitivity of the investment is...
Persistent link: https://www.econbiz.de/10010494347
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What Finances R&D? R&D, Cash Flow Sensitivities, and Financing Constraints
Zhuang, Zhong - 2013
Treating the potential endogeneity problems of the empirical specifications in prior studies, I employ a dynamic multi-equation model in which firms make interdependent decisions in financing, investment, and distribution, under the constraint that sources and uses of cash must be equal. I argue...
Persistent link: https://www.econbiz.de/10013091799
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The Sensitivity of Investment to Cash Flow : An Explanation Based on the Growth-Type-Aligned Financing Hierarchy
Wu, Xueping - 2016
We find the investment-cash-flow-sensitivity (ICFS) decreases with a firm's asymmetric informational imperfection about growth (AI), a variable highly persistent over time. Firms with distinctly initial AI have distinct future investment styles and financing patterns. Higher initial AI predicts...
Persistent link: https://www.econbiz.de/10012985038
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Financing constraints and firms' cash policy in the euro area
Pál, Rozália (contributor); Ferrando, Annalisa (contributor) - 2006
This paper investigates the financing conditions of non-financial corporations in the euro area. We develop a new firm classification based on micro data by distinguishing between three groups of firms: unconstrained, relatively and absolutely constrained firms. We also provide further evidence...
Persistent link: https://www.econbiz.de/10003337260
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The role of bank lending tightening on corporate bond issuance in the eurozone
Kaya, Orcun; Wang, Lulu - 2014
eurozone. By utilizing a unique data set provided by the ECB Bank Lending Survey, we capture the "pure" credit supply effect on … banks reporting considerable tightening on loans leads to around a 7% increase in firms' bond issuance in the eurozone … too. Furthermore, the impact of bank credit tightening on firms' bond issuance is particularly observable in core eurozone …
Persistent link: https://www.econbiz.de/10010349389
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Empirical determinants and patterns of research and development investment in Asia
Debuque-Gonzales, Margarita - 2013
This paper investigates the financial determinants of research and development (R&D) investment in Asia, where innovation is naturally seen as the key driver of future (high) economic growth. We sample listed nonfinancial firms from eight economies in region (the People's Republic of China; Hong...
Persistent link: https://www.econbiz.de/10010192343
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Financing Constraints and Firms' Cash Policy in the Euro Area
Pál, Rozália; Ferrando, Annalisa - European Central Bank - 2006
This paper investigates the financing conditions of non-financial corporations in theeuro area. We develop a new firm classification based on micro data by distinguishingbetween three groups of firms: unconstrained, relatively and absolutely constrainedfirms. We also provide further evidence on...
Persistent link: https://www.econbiz.de/10005860982