The DOI matches its Crossref record; 8 of the 8 references it cites were found in a registry or an index.
Financial Constraints, Asset Tangibility, and Corporate Investment
Abstract
Pledgeable assets support more borrowing, which allows for further investment in pledgeable assets. We use this credit multiplier to identify the impact of financing frictions on corporate investment. The multiplier suggests that investment-cash flow sensitivities should be increasing in the tangibility of firms' assets (a proxy for pledgeability), but only if firms are financially constrained. Our empirical results confirm this theoretical prediction. Our approach is not subject to the Kaplan and Zingales (1997) critique, and sidesteps problems stemming from unobservable variation in investment opportunities. Thus, our results strongly suggest that financing frictions affect investment decisions. , Oxford University Press.
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Cites
What Do We Know about Capital Structure? Some Evidence from International Data
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Financing Constraints and Corporate Investment
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Financial development, property rights, and growth
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“rms has been ascribed to measurement and interpretation problems with regressions including Q (Cummins et al. (1999), Erickson and Whited (2000), Gomes (2001), and Alti (2003)).”
Commercial paper, corporate finance and the business cycle: A microeconomic perspective
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… and the Cross-Section of Expected Returns
Harvey, C. R., Liu, Y., & Zhu, H. (2016) · Review of Financial Studies · doi:10.1093/rfs/hhv059 · Cited by 2,119
Does policy uncertainty affect mergers and acquisitions?
Bonaime, A., Gulen, H., & Ion, M. (2018) · Journal of Financial Economics · doi:10.1016/j.jfineco.2018.05.007 · Cited by 1,007
The Collateral Channel: How Real Estate Shocks Affect Corporate Investment
Chaney, T., Sraer, D., & Thesmar, D. (2012) · American Economic Review · doi:10.1257/aer.102.6.2381 · Cited by 977
Taming the Factor Zoo: A Test of New Factors
FENG, G., GIGLIO, S., & XIU, D. (2020) · The Journal of Finance · doi:10.1111/jofi.12883 · Cited by 707
Do Measures of Financial Constraints Measure Financial Constraints?
Farre-Mensa, J., & Ljungqvist, A. (2016) · Review of Financial Studies · doi:10.1093/rfs/hhv052 · Cited by 678
Metadata
- Authors
- Almeida, H., & Campello, M.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2007-04-12
- Volume
- 20
- Issue
- 5
- Pages
- 1429-1460
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3122647754
- Cited by
- 1,558
- References
- 8
- FWCI
- 104.43
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
