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Financial Market Imperfections and Investment: an Overview

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Author Info
Christian Calmès (UQO)

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Abstract

The paper examines the interpretation of firms' investment-cash flow sensitivity as an artifact of financial market imperfection. Two alternative explanations of the financial constraints are compared. One is based on informational problems (asymmetric information). The other focuses on limited commitment between firms and financial intermediates. Empirical evidence of investment-cash flow sensitivity is discussed as well as some of the macroeconomic implications of financial market imperfections.

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File URL: http://129.3.20.41/eps/fin/papers/0409/0409031.pdf
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Publisher Info
Paper provided by EconWPA in its series Finance with number 0409031.

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Length: 29 pages
Date of creation: 08 Sep 2004
Date of revision:
Handle: RePEc:wpa:wuwpfi:0409031

Note: Type of Document - pdf; pages: 29
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Web page: http://129.3.20.41

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Related research
Keywords: Financial Accelerator; Cash Flow; Financial Constraints; Overinvestment;

Find related papers by JEL classification:
D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Investment, or Financing
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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This page was last updated on 2009-11-17.

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