To What Extent Are Savings-Cash Flow Sensitivities Informative to Test for Capital Market Imperfections?

被引：6

作者：

Tsoukalas, John D. ^{[1
]}

Tsoukas, Serafeim ^{[1
]}

Guariglia, Alessandra ^{[2
]}

机构：

[1] Univ Glasgow, Glasgow, Lanark, Scotland

[2] Univ Birmingham, Birmingham, W Midlands, England

来源：

REVIEW OF FINANCE | 2017年 / 21卷 / 03期

基金：

英国经济与社会研究理事会;

关键词：

Investment; Fixed capital adjustment costs; Cash flow; Capital market imperfections; RESEARCH-AND-DEVELOPMENT; FINANCIAL CONSTRAINTS; MEASUREMENT ERROR; INVESTMENT; PANEL; PATTERNS; GROWTH; EQUITY;

D O I：

10.1093/rof/rfw043

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We construct a simple model with lumpy investment, cash accumulation, and costly external finance. Based on this model, we propose a new savings specification aimed at examining savings behavior in the presence of investment lumpiness and financial constraints. We then test a key prediction of our model, namely that under costly external finance, savings-cash flow sensitivities vary significantly by investment regime. We make use of a panel of firms from transition and developed economies to estimate the new savings regression which controls for investment spikes and periods of inactivity. Our findings confirm the validity of the model's prediction.

引用

页码：1251 / 1285

页数：35

共 43 条

[1]

Abel A., 2003, Q theory without Adjustment Costs and Cash flow Effects without Financing Constraints

[2] Optimal investment with costly reversibility [J].