search query: @author Whited, T.M. / total: 3
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| Author: | Whited, T.M. |
| Title: | External finance constraints and the intertemporal pattern of intermittent investment |
| Journal: | Journal of Financial Economics
2006 : SEP, VOL. 81:3, p. 467-502 |
| Index terms: | investment |
| Freeterms: | finance constraints hazard estimation |
| Language: | eng |
| Abstract: | Do external finance constraints affect the timing of large investment projects? Simulations of a model with fixed capital-stock adjustment costs establish the hypothesis that external finance constraints lower a company's investment hazard: the probability of undertaking a large project today as a function of the time since the last project. Hazard model estimation that controls for productivity and adjustment costs supports this hypothesis. |
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