Last edited by Kigamuro
Tuesday, July 28, 2020 | History

2 edition of Investment-cash flow sensitivities are not valid measures of financing constraints found in the catalog.

Investment-cash flow sensitivities are not valid measures of financing constraints

Steven N. Kaplan

Investment-cash flow sensitivities are not valid measures of financing constraints

by Steven N. Kaplan

  • 394 Want to read
  • 17 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Cash flow.,
  • Corporations -- Finance.,
  • Investments.

  • Edition Notes

    Other titlesInvestment cash flow sensitivities are not valid measures of financing constraints
    StatementSteven N. Kaplan, Luigi Zingales.
    SeriesNBER working paper series -- no. 7659, Working paper series (National Bureau of Economic Research) -- working paper no. 7659.
    ContributionsZingales, Luigi., National Bureau of Economic Research.
    The Physical Object
    Pagination5 p. ;
    ID Numbers
    Open LibraryOL22399771M

    (1) Kaplan, Steven N., and Luigi Zingales, “Investment Cash Flow Sensitivities are Not Valid Measures of Financing Constraints,” Quarterly Journal of Economics, May ; (2): Jack (2) Lamont, Owen “Cash Flow and Investment: Evidence from Internal Capital Markets,” Journal of Finance ; 52(1), March , pages ~eofek/PhD/Presenters_htm. Investment-Cash Flow Sensitivities Are Not Valid Measures Of Financing Constraints, The Quarterly (). Investment-cash flow sensitivities are useful: A comment on Kaplan and Zingales,

    From the existing literature, it is not clear what effect financing constraints have on the sensitivities of firms' investment to their cash flow. I propose an explanation that investment-cash flow sensitivities are not valid measures of financing constraints. Autores: Steven N. Kaplan, Luigi Zingales Localización: Quarterly journal of economics, ?codigo=

    Kaplan and Zingales (QJE, ) study the unconditional sensitivity of investment to cash flow in a static demand for capital framework. We study the sensitivity of investment to cash flow conditional on measures of q in an adjustment costs framework, which is more closely related to the empirical literature on investment and financing constraints. We present a benchmark model in which this   Conditional Investment-Cash Flow Sensitivities and Financing Constraints Stephen R. Bond Nu¢ eld College, Department of Economics and Centre for Business Taxation, University of Oxford, UK and Institute for Fiscal Studies Måns Söderbom Department of Economics School of Business, Economics and Law University of Gothenburg, Sweden August


Share this book
You might also like
Three gay tales from Grimm

Three gay tales from Grimm

Popular imagination

Popular imagination

manner of making of coffee, tea, and chocolate.

manner of making of coffee, tea, and chocolate.

scripture doctrine of regeneration considered

scripture doctrine of regeneration considered

Glacier National Park archaeological inventory

Glacier National Park archaeological inventory

Fort William - India House correspondence and other contemporary papers relating thereto.

Fort William - India House correspondence and other contemporary papers relating thereto.

The positive philosophy of Auguste Comte

The positive philosophy of Auguste Comte

Scanners & imagery systems for earth observation

Scanners & imagery systems for earth observation

Resources and resources centres

Resources and resources centres

Manpower planning and control

Manpower planning and control

Our Community Series

Our Community Series

impact of changing societal demands on St. Elizabeth Medical Center

impact of changing societal demands on St. Elizabeth Medical Center

RAF fighters of World War 2.

RAF fighters of World War 2.

Investment-cash flow sensitivities are not valid measures of financing constraints by Steven N. Kaplan Download PDF EPUB FB2

Kaplan and Zingales [] provide both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing constraints. Fazzari, Hubbard and Petersen [] criticize those ://= Request PDF | Investment-Cash Flow Sensitivities Are Not Valid Measures Of Financing Constraints | Work by Kaplan and Zingales provides both theoretical arguments and empirical evidence that   Work by Kaplan and Zingales provides both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing constraints.

Fazzari, Hubbard, and Petersen [this Journal] criticize those findings. In this note we explain how the Fazzari et al. criticisms are either very supportive of the Downloadable (with restrictions).

Work by Kaplan and Zingales provides both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing constraints. Fazzari, Hubbard, and Petersen [this Journal] criticize those findings.

In this note we explain how the Fazzari et al. criticisms are either very supportive of the claims in earlier CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): Kaplan and Zingales [] provide both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing constraints.

Fazzari, Hubbard and Petersen [] criticize those findings. In this note, we explain how the Fazzari et al. [] criticisms are either very ?doi= Downloadable. Kaplan and Zingales [] provide both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing constraints.

Fazzari, Hubbard and Petersen [] criticize those findings. In this note, we explain how the Fazzari et al. [] criticisms are either very supportive of the claims in Kaplan and Zingales [] or CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): Work by Kaplan and Zingales provides both theoretical arguments and empirical evidence that investment-cash ow sensitivities are not good indicators of nancing constraints.

Fazzari, Hubbard, and Petersen {this Journal} criticize those ndings. In this note we explain how the Fazzari et al. criticisms are either very ?doi=   Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints Steven N.

Kaplan, Luigi Zingales. NBER Working Paper No. Issued in April   Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints. Steven Kaplan and Luigi Zingales (). NoNBER Working Papers from National Bureau of Economic Research, Inc Abstract: Kaplan and Zingales [] provide both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing ://:nbr:nberwo   DO INVESTMENT-CASH FLOW SENSITIVITIES PROVIDE USEFUL MEASURES OF FINANCING CONSTRAINTS?* STEVEN N.

KAPLAN AND LUIGI ZINGALES No. This paper investigates the relationship between financing constraints and investment-cash flow sensitivities by analyzing the firms identified by Faz-zari, Hubbard, and Petersen as having unusually high ~piazzesi/Reading/Kaplan & Zingales pdf.

Investment-Cash Flow Sensitivities Are not Valid Measures of Financing Constraints Work by Kaplan and Zingales provides both theoretical arguments and empirical evidence that investment-cash ow sensitivities are not good indicators of nancing constraints.

FHP {}) introduce a methodology to identify the presence of nancing   1. Introduction. According to the q theory, marginal q is a sufficient statistic for investment behavior.

However, Fazzari, Hubbard, and Petersen (), find a positive sensitivity of investment to cash flow, even after controlling for interpretation of investment-cash flow sensitivity is financial constraints.

They argue that when there are financial constraints, external financing   “ Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints. ” Quarterly Journal of Economics, (), – Lamont, O.

“ Cash Flow and Investment: Evidence from Internal Capital Markets.” Abstract. This paper investigates the relationship between financing constraints and investment-cash flow sensitivities by analyzing the firms identified by Fazzari, Hubbard, and Petersen as having unusually high investment-cash flow ://   Investment-Cash Flow Sensitivities Are Not Valid Measures of Financing Constraints.

Steven N. Kaplan and Luigi Zingales (). The Quarterly Journal of Economics,vol.issue 2, Abstract: Work by Kaplan and Zingales provides both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing ://:oup:qjecon:vyip Get this from a library.

Investment-cash flow sensitivities are not valid measures of financing constraints. [Steven N Kaplan; Luigi Zingales; National Bureau of Economic Research.] -- Abstract: Kaplan and Zingales [] provide both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing ://   Since we augment the empirical model with employment growth as a proxy for investment opportunities, we are confident our findings about financial constraints and investment-cash flow sensitivities are not driven by the possible correlation between cash flow and investment opportunities (Cummins, Hasset, Oliner,Erickson, Whited, Investment-cash flow sensitivities are not valid measures of financing constraints.

Cambridge, MA: National Bureau of Economic Research, © (OCoLC) Material Type: Internet resource: Document Type: Book, Internet Resource: All Authors / Contributors: Steven N Kaplan; Luigi Zingales; National Bureau of Economic :// Recommended Citation.

Steven Kaplan & Luigi Zingales, "Investment-Cash Flow Sensitivities are Not Valid Measures of Financing Constraints," Quarterly Journal of Economics ().

Abstract. The controversy on whether investment–cash flow sensitivity is a good indicator of financing constraints is still unsolved.

We apply a comprehensive approach by cross-validating our analysis with both balance sheet and qualitative data on self-declared credit rationing and financing constraints on a sample of mainly small and medium-sized ://.

From the existing literature, it is not clear what effect financial constraints have on the sensitivity of firms' investment to their cash flow. Conflicting results are due to the use of different criteria for identifying financially constrained firms.

I propose an explanation that reconciles the conflicting empirical ://?abstract_id=  “ Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? ” Quarterly Journal of Economics, (), – Newey, W., and West, ://[4]Kaplan,S N,and Zingales,ment-cash flow sensitivities are not valid measures of financing constraints[J].Quarterly Jour-nal of Economics,(2) [5]Fazzari,S M,Hubbard,R G,and Petersen B ment cash flow sensitivities are useful:A