Investment Irreversibility and Finance Constraints
AbstractThis paper analyzes the investment behavior of firms in the presence of irreversibility and of a dividend payout constraint. Estimation of investment equations for a panel of U.K. firms shows that the Q model performs well over regions of the sample space where neither constraint is likely to be binding. The constraints are able to account for the empirical significance of cash flow variables for the remaining firms in the sample. Copyright 1997 by Blackwell Publishing Ltd
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Bibliographic InfoArticle provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.
Volume (Year): 59 (1997)
Issue (Month): 1 (February)
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- Holt, Richard W. P., 2003.
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- Richard Holt, 2004. "Investment and Dividends under Irreversibility and Financial Constraints," ESE Discussion Papers 55, Edinburgh School of Economics, University of Edinburgh.
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- Alan Carruth & Andy Dickerson & Andrew Henley, 1998. "What Do We Know About Investment Under Uncertainty?," Studies in Economics 9804, Department of Economics, University of Kent.
- López Martín, Mª Del Carmen & Rodero Franganillo, Adolfo, 2005. "Los activos de las instituciones de inversión colectiva de carácter financiero/Assets by Financial Institutions for Collective Investment," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 23, pages 93-124, Abril.
- Alessandra Guariglia & John Tsoukalas & Serafeim Tsoukas, . "Investment, irreversibility, and financing constraints in transition economies," Discussion Papers 10/03, University of Nottingham, School of Economics.
- Richard Holt, 2004. "Investment, Irreversibility, and Financial Imperfections," ESE Discussion Papers 54, Edinburgh School of Economics, University of Edinburgh.
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