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Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints / Steven N. Kaplan, Luigi Zingales.
- Format:
- Book
- Author/Creator:
- Kaplan, Steven N.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w7659.
- NBER working paper series no. w7659
- Language:
- English
- Subjects (All):
- Cash flow.
- Corporations--Finance.
- Corporations.
- Investments.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2000.
- Cambridge, Massachusetts : National Bureau of Economic Research, 2000.
- Summary:
- Kaplan and Zingales [1997] provide both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing constraints. Fazzari, Hubbard and Petersen [1999] criticize those findings. In this note, we explain how the Fazzari et al. [1999] criticisms are either very supportive of the claims in Kaplan and Zingales [1997] or incorrect. We conclude with a discussion of unanswered questions.
- Notes:
- Print version record
- April 2000.
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