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Investment and Cash Flow: New Evidence
16 references·16 citing·32 second hopsampled
Investment and Cash Flow: New Evidence (2016)Investment and Cash Flow: New EvidenceEstimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Estimating Standard Errors in…Financial Constraints, Asset Tangibility, and Corporate Investment (2007)Financial Constraints, Asset …The Cash Flow Sensitivity of Cash (2004)The Cash Flow Sensitivity of …Testing the pecking order theory of capital structure (2002)Testing the pecking order the…Predictive regressions (1999)Predictive regressionsDo Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)Do Investment-Cash Flow Sensi…Capital-Market Imperfections and Investment (1997)Capital-Market Imperfections …Agency costs of free cash flow, corporate finance, and takeovers (1996)Agency costs of free cash flo…Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data (1992)Debt, Liquidity Constraints, …Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups (1991)Corporate Structure, Liquidit…Managerial discretion and optimal financing policies (1990)Managerial discretion and opt…Financing Constraints and Corporate Investment (1988)Financing Constraints and Cor…Financing Constraints and Corporate Investment (1987)Financing Constraints and Cor…Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…Tobin's Marginal q and Average q: A Neoclassical Interpretation (1982)Tobin's Marginal q and Averag…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Does government debt impede firm innovation? Evidence from the rise of LGFVs in China (2022)Does government debt impede f…Corporate governance and investment-cash flow sensitivity: Evidence from Russian unlisted firms (2021)Corporate governance and inve…Behavioural, Socio-economic Factors, Financial Literacy and Investment Decisions: Are Men More Rational and Women More Emotional? (2021)Behavioural, Socio-economic F…The economic policy uncertainty and firm investment in Australia (2020)The economic policy uncertain…Does Cultural Difference Affect Investment–Cash Flow Sensitivity? Evidence from OECD Countries (2020)Does Cultural Difference Affe…Investment, Tobin's Q, and Cash Flow Across Time and Frequencies (2019)Investment, Tobin's Q, and Ca…The fading of investment-cash flow sensitivity and global development (2018)The fading of investment-cash…Role of free cash flows in making investment and dividend decisions: The case of the shipping industry (2018)Role of free cash flows in ma…Market Sentiment and Innovation Activities (2018)Market Sentiment and Innovati…Tournament-Based Incentives, Corporate Cash Holdings, and the Value of Cash (2017)Tournament-Based Incentives, …Investment–Cash Flow Sensitivity: Fact or Fiction? (2017)Investment–Cash Flow Sensitiv…What drives investment–cash flow sensitivity around the World? An asset tangibility Perspective (2016)What drives investment–cash f…The Behavior of Aggregate Corporate Investment (2014)The Behavior of Aggregate Cor…Investment Decisions of Nonprofit Firms: Evidence from Hospitals (2014)Investment Decisions of Nonpr…Corporate Investments in Asian Markets: Financial Conditions, Financial Development, and Financial Constraints (2014)Corporate Investments in Asia…R&D sensitivity to asset sale proceeds: New evidence on financing constraints and intangible investment (2012)R&D sensitivity to asset sale…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Corporate financing and investment decisions when firms have information that investors do not have (1984)The Financial Accelerator in a Quantitative Business Cycle Framework (1998)Managing with Style: The Effect of Managers on Firm Policies (2003)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS (1982)Two Agency-Cost Explanations of Dividends (1984)Corporate performance and managerial remuneration (1985)What Do We Know about Capital Structure? Some Evidence from International Data (1995)Credit Rationing in Markets with Imperfect Information (1981)The General Theory of Employment, Interest and Money. (1936)The theory and practice of corporate finance: evidence from the field (2001)Why Do U.S. Firms Hold So Much More Cash than They Used To? (2009)Corporate social responsibility and access to finance (2013)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence (2007)Robust Inference With Multiway Clustering (2011)Policy Uncertainty and Corporate Investment (2015)Time to Build and Aggregate Fluctuations (1982)The Impact of Uncertainty Shocks (2009)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Firms, Contracts, and Financial Structure (1995)A Survey of Corporate Governance (1997)The Benefits of Lending Relationships: Evidence from Small Business Data (1994)Threshold effects in non-dynamic panels: Estimation, testing, and inference (1999)
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References

  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches10,793 cited
  • 1996Agency costs of free cash flow, corporate finance, and takeovers9,308 cited
  • 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?6,790 cited
  • 1988Financing Constraints and Corporate Investment5,566 cited
  • 1987Financing Constraints and Corporate Investment4,354 cited
  • 1990Managerial discretion and optimal financing policies3,679 cited
  • 2004The Cash Flow Sensitivity of Cash3,523 cited
  • 1982Tobin's Marginal q and Average q: A Neoclassical Interpretation3,178 cited
  • 2002Testing the pecking order theory of capital structure2,642 cited
  • 1997Capital-Market Imperfections and Investment2,600 cited
  • 1991Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups2,361 cited
  • 1992Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data1,686 cited
  • 1999Predictive regressions1,614 cited

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  • 2007Financial Constraints, Asset Tangibility, and Corporate Investment1,570 cited
  • Cited by

    • 2012R&D sensitivity to asset sale proceeds: New evidence on financing constraints and intangible investment145 cited
    • 2022Does government debt impede firm innovation? Evidence from the rise of LGFVs in China114 cited
    • 2016What drives investment–cash flow sensitivity around the World? An asset tangibility Perspective94 cited
    • 2018Market Sentiment and Innovation Activities88 cited
    • 2020The economic policy uncertainty and firm investment in Australia79 cited
    • 2014Investment Decisions of Nonprofit Firms: Evidence from Hospitals78 cited
    • 2018Role of free cash flows in making investment and dividend decisions: The case of the shipping industry68 cited
    • 2014The Behavior of Aggregate Corporate Investment68 cited
    • 2017Investment–Cash Flow Sensitivity: Fact or Fiction?55 cited
    • 2017Tournament-Based Incentives, Corporate Cash Holdings, and the Value of Cash51 cited
    • 2018The fading of investment-cash flow sensitivity and global development42 cited
    • 2020Does Cultural Difference Affect Investment–Cash Flow Sensitivity? Evidence from OECD Countries42 cited
    • 2019Investment, Tobin's Q, and Cash Flow Across Time and Frequencies40 cited
    • 2021Corporate governance and investment-cash flow sensitivity: Evidence from Russian unlisted firms37 cited
    • 2014Corporate Investments in Asian Markets: Financial Conditions, Financial Development, and Financial Constraints33 cited
    • 2021Behavioural, Socio-economic Factors, Financial Literacy and Investment Decisions: Are Men More Rational and Women More Emotional?32 cited