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| Author: | Carpenter, R. Fazzari, S. Petersen, B. |
| Title: | Financing constraints and inventory investment: a comparative study with high frequency panel data |
| Journal: | Review of Economics and Statistics
1998 : NOV, VOL. 80:4, p. 513-519 |
| Index terms: | ECONOMICS STATISTICS INVENTORIES |
| Language: | eng |
| Abstract: | This study provides new evidence of the importance of financing constraints for explaining the dramatic cycles in inventory investment. The authors compare the empirical performance of different financial variables used in previous research to test for the presence of financing constraints. The comparison is undertaken in a common framework with an identical sample and high-frequency firm panel data. Cash flow is much more successful than cash stocks or coverage in explaining the facts about inventory investment across firm size, different inventory cycles, and different manufacturing sectors. |
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