메뉴 건너뛰기




Volumn 65, Issue 2, 2010, Pages 725-763

The interdependent and intertemporal nature of financial decisions: An application to cash flow sensitivities

Author keywords

[No Author keywords available]

Indexed keywords


EID: 77952561424     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2009.01549.x     Document Type: Article
Times cited : (123)

References (39)
  • 1
    • 34548527528 scopus 로고    scopus 로고
    • Financial constraints, asset tangibility, and corporate investment
    • Almeida Heitor, Campello Murillo. Financial constraints, asset tangibility, and corporate investment. Review of Financial Studies 2007, 20:1429-1460.
    • (2007) Review of Financial Studies , vol.20 , pp. 1429-1460
    • Almeida, H.1    Campello, M.2
  • 3
    • 0042481764 scopus 로고    scopus 로고
    • How sensitive is investment to cash flow when financing is frictionless
    • Alti Aydogan. How sensitive is investment to cash flow when financing is frictionless. Journal of Finance 2003, 58:707-722.
    • (2003) Journal of Finance , vol.58 , pp. 707-722
    • Alti, A.1
  • 4
    • 84980104458 scopus 로고
    • Financial ratios, discriminant analysis and the prediction of corporate bankruptcy
    • Altman Edward. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance 1968, 23:589-609.
    • (1968) Journal of Finance , vol.23 , pp. 589-609
    • Altman, E.1
  • 5
    • 39749084409 scopus 로고    scopus 로고
    • Forecasting default with the Merton distance to default model
    • Bharath Sreedhar, Shumway Tyler. Forecasting default with the Merton distance to default model. Review of Financial Studies 2008, 21:1339-1369.
    • (2008) Review of Financial Studies , vol.21 , pp. 1339-1369
    • Bharath, S.1    Shumway, T.2
  • 6
    • 0142188113 scopus 로고    scopus 로고
    • Investment, uncertainty, and liquidity
    • Boyle Glenn W, Guthrie Graeme A. Investment, uncertainty, and liquidity. Journal of Finance 2003, 58:2143-2166.
    • (2003) Journal of Finance , vol.58 , pp. 2143-2166
    • Boyle, G.W.1    Guthrie, G.A.2
  • 7
    • 0001998274 scopus 로고
    • Pitfalls in financial model building
    • Brainard William, Tobin James. Pitfalls in financial model building. American Economic Review 1968, 58:99-122.
    • (1968) American Economic Review , vol.58 , pp. 99-122
    • Brainard, W.1    Tobin, J.2
  • 8
    • 58849120945 scopus 로고    scopus 로고
    • Financing innovation and growth: Cash flow, external equity, and the 1990s R&D boom
    • Brown James R, Fazzari Steven M, Petersen Bruce C. Financing innovation and growth: Cash flow, external equity, and the 1990s R&D boom. Journal of Finance 2009, 64:151-185.
    • (2009) Journal of Finance , vol.64 , pp. 151-185
    • Brown, J.R.1    Fazzari, S.M.2    Petersen, B.C.3
  • 9
    • 60749120552 scopus 로고    scopus 로고
    • Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments
    • Brown James R, Petersen Bruce C. Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments. Journal of Banking and Finance 2009, 33:971-984.
    • (2009) Journal of Banking and Finance , vol.33 , pp. 971-984
    • Brown, J.R.1    Petersen, B.C.2
  • 10
    • 21844492888 scopus 로고
    • Internal finance and investment: Evidence from the undistributed profits tax of 1936-37
    • Calomiris Charles, Hubbard R Glenn. Internal finance and investment: Evidence from the undistributed profits tax of 1936-37. Journal of Business 1995, 68:443-482.
    • (1995) Journal of Business , vol.68 , pp. 443-482
    • Calomiris, C.1    Hubbard, R.G.2
  • 11
    • 0009093975 scopus 로고    scopus 로고
    • The relationship between firm investment and financial status
    • Cleary Sean. The relationship between firm investment and financial status. Journal of Finance 1999, 54:673-692.
    • (1999) Journal of Finance , vol.54 , pp. 673-692
    • Cleary, S.1
  • 12
    • 74949097020 scopus 로고    scopus 로고
    • Who underreacts to cash-flow news? Evidence from trading between individuals and institutions
    • Cohen Randolph, Gompers Paul, Vuolteenaho Tuomo. Who underreacts to cash-flow news? Evidence from trading between individuals and institutions. Journal of Financial Economics 2002, 66:409-462.
    • (2002) Journal of Financial Economics , vol.66 , pp. 409-462
    • Cohen, R.1    Gompers, P.2    Vuolteenaho, T.3
  • 14
    • 0000928969 scopus 로고
    • Risk, return and equilibrium: Empirical tests
    • Fama Eugene, MacBeth James. Risk, return and equilibrium: Empirical tests. Journal of Political Economy 1973, 81:607-636.
    • (1973) Journal of Political Economy , vol.81 , pp. 607-636
    • Fama, E.1    MacBeth, J.2
  • 16
    • 0038831386 scopus 로고    scopus 로고
    • Investment-cash flow sensitivities are useful: A comment on Kaplan and Zingales
    • Fazzari Steven M, Hubbard R Glenn, Petersen Bruce C. Investment-cash flow sensitivities are useful: A comment on Kaplan and Zingales. Quarterly Journal of Economics 2000, 115:695-705.
    • (2000) Quarterly Journal of Economics , vol.115 , pp. 695-705
    • Fazzari, S.M.1    Hubbard, R.G.2    Petersen, B.C.3
  • 17
    • 34547662433 scopus 로고    scopus 로고
    • Collateral, debt capacity, and corporate investment: Evidence from a natural experiment
    • Gan Jie. Collateral, debt capacity, and corporate investment: Evidence from a natural experiment. Journal of Finance 2007, 85:709-734.
    • (2007) Journal of Finance , vol.85 , pp. 709-734
    • Gan, J.1
  • 18
    • 59649104059 scopus 로고    scopus 로고
    • How do firms finance their investments? The relative importance of equity issuance and debt contracting costs
    • Gatchev Vladimir A, Spindt Paul A, Tarhan Vefa. How do firms finance their investments? The relative importance of equity issuance and debt contracting costs. Journal of Corporate Finance 2009, 15:179-195.
    • (2009) Journal of Corporate Finance , vol.15 , pp. 179-195
    • Gatchev, V.A.1    Spindt, P.A.2    Tarhan, V.3
  • 20
    • 0002308919 scopus 로고
    • Corporate structure liquidity and investment: Evidence from Japanese panel data
    • Hoshi Takeo, Kashyap Anil K, Scharfstein David. Corporate structure liquidity and investment: Evidence from Japanese panel data. Quarterly Journal of Economics 1991, 106:33-60.
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 33-60
    • Hoshi, T.1    Kashyap, A.K.2    Scharfstein, D.3
  • 21
    • 0000180018 scopus 로고    scopus 로고
    • Capital-market imperfections and investment
    • Hubbard R Glenn. Capital-market imperfections and investment. Journal of Economic Literature 1998, 36:193-225.
    • (1998) Journal of Economic Literature , vol.36 , pp. 193-225
    • Hubbard, R.G.1
  • 22
    • 0003112060 scopus 로고    scopus 로고
    • Do investment-cash flow sensitivities provide useful measures of financing constraints
    • Kaplan Steven N, Zingales Luigi. Do investment-cash flow sensitivities provide useful measures of financing constraints. Quarterly Journal of Economics 1997, 112:169-215.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 169-215
    • Kaplan, S.N.1    Zingales, L.2
  • 23
    • 0039011997 scopus 로고    scopus 로고
    • Investment-cash flow sensitivities are not valid measures of financing constraints
    • Kaplan Steven N, Zingales Luigi. Investment-cash flow sensitivities are not valid measures of financing constraints. Quarterly Journal of Economics 2000, 115:707-712.
    • (2000) Quarterly Journal of Economics , vol.115 , pp. 707-712
    • Kaplan, S.N.1    Zingales, L.2
  • 24
    • 0037375927 scopus 로고    scopus 로고
    • Capital structure choice: Macroeconomic conditions and financial constraints
    • Korajczyk Robert A, Levy Amnon. Capital structure choice: Macroeconomic conditions and financial constraints. Journal of Financial Economics 2003, 68:75-109.
    • (2003) Journal of Financial Economics , vol.68 , pp. 75-109
    • Korajczyk, R.A.1    Levy, A.2
  • 26
    • 0000808665 scopus 로고
    • On the pricing of corporate debt: The risk structure of interest rates
    • Merton Robert. On the pricing of corporate debt: The risk structure of interest rates. Journal of Finance 1974, 29:449-470.
    • (1974) Journal of Finance , vol.29 , pp. 449-470
    • Merton, R.1
  • 27
    • 0033472983 scopus 로고    scopus 로고
    • The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing
    • Minton Bernadette A, Schrand Catherine. The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of Financial Economics 1999, 54:423-460.
    • (1999) Journal of Financial Economics , vol.54 , pp. 423-460
    • Minton, B.A.1    Schrand, C.2
  • 28
    • 0000294096 scopus 로고
    • The cost of capital, corporation finance and the theory of investment
    • Modigliani Franco, Miller Merton H. The cost of capital, corporation finance and the theory of investment. American Economic Review 1958, 48:261-297.
    • (1958) American Economic Review , vol.48 , pp. 261-297
    • Modigliani, F.1    Miller, M.H.2
  • 29
    • 6344223701 scopus 로고    scopus 로고
    • Investment-cash flow sensitivities: Constrained versus unconstrained firms
    • Moyen Nathalie. Investment-cash flow sensitivities: Constrained versus unconstrained firms. Journal of Finance 2004, 59:2061-2092.
    • (2004) Journal of Finance , vol.59 , pp. 2061-2092
    • Moyen, N.1
  • 30
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: Comparing approaches
    • Petersen Mitchell A. Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies 2008, 22:435-480.
    • (2008) Review of Financial Studies , vol.22 , pp. 435-480
    • Petersen, M.A.1
  • 31
    • 33644852658 scopus 로고    scopus 로고
    • Investment and financing constraints: Evidence from the funding of corporate pension plans
    • Rauh Joshua D. Investment and financing constraints: Evidence from the funding of corporate pension plans. Journal of Finance 2006, 61:33-71.
    • (2006) Journal of Finance , vol.61 , pp. 33-71
    • Rauh, J.D.1
  • 33
    • 0005104522 scopus 로고
    • Regression standard errors in clustered samples
    • Stata Technical Bulletin Reprints STB-13-STB-18
    • Rogers William H. Regression standard errors in clustered samples. 1993, 88-94. Stata Technical Bulletin Reprints STB-13-STB-18
    • (1993) , pp. 88-94
    • Rogers, W.H.1
  • 34
    • 84988075080 scopus 로고
    • Jackknife inference for heteroscedastic linear regression models
    • Shao Jun, Rao J N K. Jackknife inference for heteroscedastic linear regression models. Canadian Journal of Statistics 1993, 21:377-385.
    • (1993) Canadian Journal of Statistics , vol.21 , pp. 377-385
    • Shao, J.1    Rao, J.N.K.2
  • 35
    • 0008104389 scopus 로고    scopus 로고
    • Forecasting bankruptcy more accurately: A simple hazard model
    • Shumway Tyler. Forecasting bankruptcy more accurately: A simple hazard model. Journal of Business 2001, 74:101-124.
    • (2001) Journal of Business , vol.74 , pp. 101-124
    • Shumway, T.1
  • 36
    • 77952565646 scopus 로고
    • Liquidity structure adjustment behavior of large money center banks
    • Spindt Paul, Tarhan Vefa. Liquidity structure adjustment behavior of large money center banks. Journal of Money, Credit, and Banking 1980, 12:198-208.
    • (1980) Journal of Money, Credit, and Banking , vol.12 , pp. 198-208
    • Spindt, P.1    Tarhan, V.2
  • 37
    • 0000319456 scopus 로고
    • Discussion of financing constraints and corporate investment by Fazzari, Steven, R. Glenn Hubbard, and Bruce Petersen
    • Tobin James. Discussion of financing constraints and corporate investment by Fazzari, Steven, R. Glenn Hubbard, and Bruce Petersen. Brookings Paper on Economic Activity 1988, 1988:204.
    • (1988) Brookings Paper on Economic Activity , vol.1988 , pp. 204
    • Tobin, J.1
  • 38
    • 52049121586 scopus 로고    scopus 로고
    • Investment frictions and leverage dynamics
    • Tsyplakov Sergey. Investment frictions and leverage dynamics. Journal of Financial Economics 2008, 89:423-443.
    • (2008) Journal of Financial Economics , vol.89 , pp. 423-443
    • Tsyplakov, S.1
  • 39
    • 0041488892 scopus 로고    scopus 로고
    • What drives firm-level stock returns
    • Vuolteenaho Tuomo. What drives firm-level stock returns. Journal of Finance 2002, 57:233-264.
    • (2002) Journal of Finance , vol.57 , pp. 233-264
    • Vuolteenaho, T.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.