메뉴 건너뛰기




Volumn 11, Issue 3, 2005, Pages 449-472

Investment and internal funds of distressed firms

Author keywords

Cash flow; Financial distress; Financing constraints; Investment

Indexed keywords


EID: 20444494320     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2004.09.002     Document Type: Article
Times cited : (95)

References (22)
  • 1
    • 1642279866 scopus 로고    scopus 로고
    • The impact of negative cash flow and influential observations on investment-cash flow sensitivity estimates
    • G. Allayannis A. Mozumdar The impact of negative cash flow and influential observations on investment-cash flow sensitivity estimates Journal of Banking and Finance 28 2004 901-930
    • (2004) Journal of Banking and Finance , vol.28 , pp. 901-930
    • Allayannis, G.1    Mozumdar, A.2
  • 2
    • 84980104458 scopus 로고
    • Financial ratios, discriminant analysis and the prediction of corporate bankruptcy
    • E.I. Altman Financial ratios, discriminant analysis and the prediction of corporate bankruptcy Journal of Finance 23 1968 589-609
    • (1968) Journal of Finance , vol.23 , pp. 589-609
    • Altman, E.I.1
  • 3
    • 0038465465 scopus 로고    scopus 로고
    • How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed
    • G. Andrade S.N. Kaplan How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed Journal of Finance 53 1998 1443-1493
    • (1998) Journal of Finance , vol.53 , pp. 1443-1493
    • Andrade, G.1    Kaplan, S.N.2
  • 4
    • 0009093975 scopus 로고    scopus 로고
    • The relationship between firm investment and financial status
    • S. Cleary The relationship between firm investment and financial status Journal of Finance 54 1999 673-692
    • (1999) Journal of Finance , vol.54 , pp. 673-692
    • Cleary, S.1
  • 5
    • 4544238623 scopus 로고    scopus 로고
    • The U-shaped investment curve: Theory and evidence
    • Working Paper from St. Mary's University, University of Minnesota, and University of Rochester
    • Cleary, S., Povel, P., Raith, M. 2004, The U-shaped investment curve: Theory and evidence. Working Paper from St. Mary's University, University of Minnesota, and University of Rochester.
    • (2004)
    • Cleary, S.1    Povel, P.2    Raith, M.3
  • 6
    • 20444472885 scopus 로고    scopus 로고
    • Bankruptcy costs, ex post renegotiation and gambling for resurrection
    • J.-P. Décamps A. Faure-Grimaud Bankruptcy costs, ex post renegotiation and gambling for resurrection Finance 21 2000 71-84
    • (2000) Finance , vol.21 , pp. 71-84
    • Décamps, J.-P.1    Faure-Grimaud, A.2
  • 8
    • 0038831386 scopus 로고    scopus 로고
    • Investment-cash flow sensitivities are useful: A comment on Kaplan and Zingales
    • S.M. Fazzari R.G. Hubbard B.C. Petersen Investment-cash flow sensitivities are useful: A comment on Kaplan and Zingales Quarterly Journal of Economics 115 2000 695-705
    • (2000) Quarterly Journal of Economics , vol.115 , pp. 695-705
    • Fazzari, S.M.1    Hubbard, R.G.2    Petersen, B.C.3
  • 9
    • 0000028238 scopus 로고
    • Evidence on the role of cash flow in reduced-form investment equations
    • S. Gilchrist C.P. Himmelberg Evidence on the role of cash flow in reduced-form investment equations Journal of Monetary Economics 36 1995 541-572
    • (1995) Journal of Monetary Economics , vol.36 , pp. 541-572
    • Gilchrist, S.1    Himmelberg, C.P.2
  • 10
    • 0031574542 scopus 로고    scopus 로고
    • A test of the free cash flow and debt monitoring hypotheses: Evidence from audit pricing
    • F.A. Gul J.S.L. Tsui A test of the free cash flow and debt monitoring hypotheses: Evidence from audit pricing Journal of Accounting and Economics 24 1998 219-237
    • (1998) Journal of Accounting and Economics , vol.24 , pp. 219-237
    • Gul, F.A.1    Tsui, J.S.L.2
  • 11
    • 0002308919 scopus 로고
    • Corporate structure, liquidity, and investment: Evidence from Japanese panel data
    • T. Hoshi A.K. Kashyap D. Scharfstein Corporate structure, liquidity, and investment: Evidence from Japanese panel data Quarterly Journal of Economics 106 1991 33-60
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 33-60
    • Hoshi, T.1    Kashyap, A.K.2    Scharfstein, D.3
  • 12
    • 0000180018 scopus 로고    scopus 로고
    • Capital-market imperfections and investment
    • R.G. Hubbard Capital-market imperfections and investment Journal of Economic Literature 36 1998 193-225
    • (1998) Journal of Economic Literature , vol.36 , pp. 193-225
    • Hubbard, R.G.1
  • 13
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • M.C. Jensen W.H. Meckling Theory of the firm: Managerial behavior, agency costs and ownership structure Journal of Financial Economics 3 1976 305-360
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 14
    • 84977701248 scopus 로고
    • The voluntary restructuring of large firms in response to performance decline
    • K. John L.H.P. Lang J. Netter The voluntary restructuring of large firms in response to performance decline Journal of Finance 47 1992 891-918
    • (1992) Journal of Finance , vol.47 , pp. 891-918
    • John, K.1    Lang, L.H.P.2    Netter, J.3
  • 15
    • 0001551184 scopus 로고    scopus 로고
    • The impact of cash flows and firm size on investment: The international evidence
    • P.-R. Kadapakkam P.C. Kumar L.A. Riddick The impact of cash flows and firm size on investment: The international evidence Journal of Banking and Finance 22 1998 293-320
    • (1998) Journal of Banking and Finance , vol.22 , pp. 293-320
    • Kadapakkam, P.-R.1    Kumar, P.C.2    Riddick, L.A.3
  • 16
    • 0003112060 scopus 로고    scopus 로고
    • Do investment-cash flow sensitivities provide useful measures of financing constraints?
    • S.N. Kaplan L. Zingales Do investment-cash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics 112 1997 169-215
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 169-215
    • Kaplan, S.N.1    Zingales, L.2
  • 17
    • 0039011997 scopus 로고    scopus 로고
    • Investment-cash flow sensitivities are not valid measures of financing constraints
    • S.N. Kaplan L. Zingales Investment-cash flow sensitivities are not valid measures of financing constraints Quarterly Journal of Economics 115 2000 707-712
    • (2000) Quarterly Journal of Economics , vol.115 , pp. 707-712
    • Kaplan, S.N.1    Zingales, L.2
  • 18
    • 6344223701 scopus 로고    scopus 로고
    • Investment-cash flow sensitivities: Constrained versus unconstrained firms
    • N. Moyen Investment-cash flow sensitivities: Constrained versus unconstrained firms Journal of Finance 59 2004 2061-2092
    • (2004) Journal of Finance , vol.59 , pp. 2061-2092
    • Moyen, N.1
  • 19
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • S.C. Myers N.S. Majluf Corporate financing and investment decisions when firms have information that investors do not have Journal of Financial Economics 13 1984 187-221
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 20
    • 0000666375 scopus 로고
    • Financial ratios and the probabilistic prediction of bankruptcy
    • J.A. Ohlson Financial ratios and the probabilistic prediction of bankruptcy Journal of Accounting Research 18 1980 109-131
    • (1980) Journal of Accounting Research , vol.18 , pp. 109-131
    • Ohlson, J.A.1
  • 22
    • 0000354615 scopus 로고
    • Asymmetric information, liquidity constraints, and Canadian investment
    • H. Schaller Asymmetric information, liquidity constraints, and Canadian investment Canadian Journal of Economics 26 1993 552-574
    • (1993) Canadian Journal of Economics , vol.26 , pp. 552-574
    • Schaller, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.