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

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Author Info
Elston, J-A

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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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Publisher 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

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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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Related research
Keywords: INVESTMENTS ; GERMANY;

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Find related papers by JEL classification:
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity

Cited by:
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  1. Steven Ongena, 1999. "Lending Relationships, Bank Default and Economic Activity," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 6(2), pages 257-280, July. [Downloadable!] (restricted)
  2. Hellwig, Martin, 1998. "On the Economics and Politics of Corporate Finance and Corporate Control," Sonderforschungsbereich 504 Publications 98-43, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
  3. 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. [Downloadable!]
  4. Hans Joachim Voth, 2000. "With a Bang, not a Whimper: Pricking Germany's "Stock Market Bubble" in 1927 and the Slide into Depression," Economics Working Papers 516, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  5. Catherine Fuss & Philip Vermeulen, 2006. "The response of firms‘ investment and financing to adverse cash flow shocks - the role of bank relationships," Working Paper Series 658, European Central Bank. [Downloadable!]
  6. Fohlin, Caroline, 1998. "Historical and Theoretical Debates Over Financial Systems and Industrialization," Working Papers 1028, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  7. Audretsch, David B. & Elston, Julie Ann, 2000. "Does Firm Size Matter? Evidence on the Impact of Liquidity Constraints of Firm Investment Behavior in Germany," Discussion Paper Series 26306, Hamburg Institute of International Economics. [Downloadable!]
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  8. Dietmar Harhoff, 1997. "Are There Financing Constraints for R&D and Investment in German Manufacturing Firms?," CIG Working Papers FS IV 97-45, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG). [Downloadable!]
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  9. Franz R. Hahn, 2002. "The Politics of Financial Development. The Case of Austria," WIFO Working Papers 187, WIFO. [Downloadable!]
  10. 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.). [Downloadable!]
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