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Cited by 366

The DOI matches its Crossref record; 47 of the 47 references it cites were found in a registry or an index.

Investment Behavior, Observable Expectations, and Internal Funds

Cummins, Jason G, Hassett, Kevin A, Oliner, Stephen D·2006·American Economic Review
DOI 10.1257/aer.96.3.796
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Abstract

We use earnings forecasts from securities analysts to construct a new measure of the neoclassical fundamentals that drive investment spending. We find that investment responds significantly to our new measure of fundamentals but is insensitive to cash flow, even for firms typically thought to be liquidity constrained. These results have two key implications. First, fundamentals may be more important for investment spending than would be suggested by the results to date from investment-q models. Second, the positive cash-flow effects obtained in such models may reflect a failure to control properly for fundamentals rather than the presence of financial constraints.

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Metadata

Authors
Cummins, J. G., Hassett, K. A., & Oliner, S. D.
Venue
American Economic Review
Publisher
American Economic Association
Published
2006-05-01
Volume
96
Issue
3
Pages
796-810
ISSN
0002-8282 (ISSN-L)
DOI
10.1257/aer.96.3.796
OpenAlex
W1969983622
Cited by
366
References
47
FWCI
75.88
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Investment Behavior, Observable Expectations, and Internal Funds. https://app.cochat.ai/papers/10.1257/aer.96.3.796
The paper
Cummins, J. G., Hassett, K. A., & Oliner, S. D. (2006). Investment Behavior, Observable Expectations, and Internal Funds. American Economic Review. https://doi.org/10.1257/aer.96.3.796

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

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.