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dc.contributor | Universitat Pompeu Fabra. Departament d'Economia i Empresa |
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dc.contributor.author | Caggese, Andrea |
dc.date | 2003-02-01 |
dc.identifier.citation | https://econ-papers.upf.edu/ca/paper.php?id=1009 |
dc.identifier.citation | Journal of Financial Economics, núm. 86, pp. 683-723, December 2007 |
dc.identifier.uri | http://hdl.handle.net/10230/1018 |
dc.description.abstract | We consider a dynamic multifactor model of investment with financing imperfections,adjustment costs and fixed and variable capital. We use the model to derive a test offinancing constraints based on a reduced form variable capital equation. Simulation resultsshow that this test correctly identifies financially constrained firms even when the estimationof firms investment opportunities is very noisy. In addition, the test is well specified inthe presence of both concave and convex adjustment costs of fixed capital. We confirmempirically the validity of this test on a sample of small Italian manufacturing companies. |
dc.format | application/pdf |
dc.language.iso | eng |
dc.relation | Economics and Business Working Papers Series; 1009 |
dc.rights | L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons |
dc.rights | info:eu-repo/semantics/openAccess |
dc.rights | http://creativecommons.org/licenses/by-nc-nd/3.0/es/ |
dc.subject | financing constraints |
dc.subject | investment |
dc.subject | Finance and Accounting |
dc.title | Testing financing constraints on firm investment using variable capital |
dc.type | info:eu-repo/semantics/workingPaper |