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| Author: | Gomes, J. F. |
| Title: | Financing investment |
| Journal: | American Economic Review
2001 : DEC, VOL. 91:5, p. 1263-1285 |
| Index terms: | Investment analysis Cash management Cash flow Economic theory |
| Language: | eng |
| Abstract: | The study examines investment behaviour when firms face costs in the access to external funds. The author finds that despite the existence of liquidity constraints, standard investment regression predict that cash flow is an important determinant of investment only if one ignores q. The findings provide support to the argument that the success of cash-flow-augmented investment regressions is probably due to a combination of measurement error in q and identification problems. |
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