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Investment Irreversibility and Finance Constraints

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  • Scaramozzino, Pasquale

Abstract

This 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 Info

Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 59 (1997)
Issue (Month): 1 (February)
Pages: 89-108

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Handle: RePEc:bla:obuest:v:59:y:1997:i:1:p:89-108

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Cited by:
  1. Richard Holt, 2004. "Investment, Irreversibility, and Financial Imperfections," ESE Discussion Papers 54, Edinburgh School of Economics, University of Edinburgh.
  2. Andrea Caggese, 2001. "Financing Constraints, Irreversibility, and Investment Dynamics," Working Papers 53, Barcelona Graduate School of Economics.
  3. 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.
  4. Mindel van de Laar & Wilko Letterie, 2004. "The Delaying Effect of Financing Constraints on Investment," Bulletin of Economic Research, Wiley Blackwell, vol. 56(3), pages 271-281, 07.
  5. Alessandra Guariglia & John Tsoukalas & Serafeim Tsoukas, . "Investment, irreversibility, and financing constraints in transition economies," Discussion Papers 10/03, University of Nottingham, School of Economics.
  6. Richard Holt, 2004. "Investment and Dividends under Irreversibility and Financial Constraints," ESE Discussion Papers 55, Edinburgh School of Economics, University of Edinburgh.
  7. 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.
  8. Lensink, R. & Sterken, Elmer, 1999. "Capital market imperfections, uncertainty and corporate investment in the Czech Republic," Research Report 99E51, University of Groningen, Research Institute SOM (Systems, Organisations and Management).

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