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Investment, Liquidity Constaints and Bank Relationships : Evidence from German Manufacturing Firms

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Author Info

  • Elston, J-A

Abstract

This paper presents evidence supporting the theory that informational and incentive problems in the capital markets affect firm investment. This hypothesis is tested by estimating investment equations for two groups of German firms.

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Bibliographic Info

Paper provided by American Institute for Contemporary German Studies- in its series Papers with number 17.

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Length: 35 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:amiger:17

Contact details of provider:
Postal: U.S.A.; Johns Hopkins University, American Institute for Contemporary German Studies. 1400 16th Street, N.W. Suite 420 Washington, D.C. 20036-2217

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Keywords: INVESTMENTS ; GERMANY;

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Cited by:
  1. Alexander Karaivanov & Sonia Ruano & Jesús Saurina & Robert Townsend, 2010. "No bank, one bank, several banks: does it matter for investment?," Banco de Espa�a Working Papers 1003, Banco de Espa�a.
  2. Fohlin, Caroline, 1999. "Universal Banking in Pre-World War I Germany: Model or Myth?," Explorations in Economic History, Elsevier, vol. 36(4), pages 305-343, October.
  3. Steven Ongena, 1999. "Lending Relationships, Bank Default and Economic Activity," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 6(2), pages 257-280.
  4. Dietmar HARHOFF, 1998. "Are there Financing Constraints for R&D and Investment in German Manufacturing Firms," Annales d'Economie et de Statistique, ENSAE, issue 49-50, pages 421-456.
  5. Kakes, Jan, 1998. "Monetary transmission and business cycle asymmetry," Research Report 98C36, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  6. Audretsch, David B. & Elston, Julie Ann, 2002. "Does firm size matter? Evidence on the impact of liquidity constraints on firm investment behavior in Germany," International Journal of Industrial Organization, Elsevier, vol. 20(1), pages 1-17, January.
  7. Fuss, Catherine & Vermeulen, Philip, 2006. "The response of firms‘ investment and financing to adverse cash flow shocks: the role of bank relationships," Working Paper Series 0658, European Central Bank.
  8. Kaiser, Ulrich, 2001. "Moving in and out of financial distress: evidence for newly founded service sector firms," ZEW Discussion Papers 01-09, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  9. Jason G. Cummins & Kevin A. Hassett & Stephen D. Oliner, 1999. "Investment behavior, observable expectations, and internal funds," Finance and Economics Discussion Series 1999-27, Board of Governors of the Federal Reserve System (U.S.).
  10. Voth, Hans-Joachim, 2002. "With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression," CEPR Discussion Papers 3257, C.E.P.R. Discussion Papers.
  11. Elston, Julie Ann & Goldberg, Lawrence G., 2003. "Executive compensation and agency costs in Germany," Journal of Banking & Finance, Elsevier, vol. 27(7), pages 1391-1410, July.
  12. Ongena, S. & Smith, D.C., 2000. "Bank relationships: A review," Open Access publications from Tilburg University urn:nbn:nl:ui:12-80678, Tilburg University.
  13. Brichs Serra, Elisabet & Buch, Claudia M. & Nienaber, Thomas, 1997. "The role of banks: Evidence from Germany and the US," Kiel Working Papers 802, Kiel Institute for the World Economy.
  14. Hellwig, Martin, 2000. "Corporate Governance and the Financing of Investment for Structural Change," Sonderforschungsbereich 504 Publications 00-32, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  15. Franz R. Hahn, 2002. "The Politics of Financial Development. The Case of Austria," WIFO Working Papers 187, WIFO.
  16. Davis, E. Philip, 2002. "Institutional investors, corporate governance and the performance of the corporate sector," Economic Systems, Elsevier, vol. 26(3), pages 203-229, September.

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