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| Tekijä: | Whited, T.M. |
| Otsikko: | External finance constraints and the intertemporal pattern of intermittent investment |
| Lehti: | Journal of Financial Economics
2006 : SEP, VOL. 81:3, p. 467-502 |
| Asiasana: | investment |
| Vapaa asiasana: | finance constraints hazard estimation |
| Kieli: | eng |
| Tiivistelmä: | 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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