Autore
Tomat, Gian MariaTitolo
Liquidity Constraints, Fundamentals and Investment: What Do We Learn From Panel Data?Periodico
Economic notesAnno:
2014 - Volume:
43 - Fascicolo:
3 - Pagina iniziale:
249 - Pagina finale:
281Liquidity constraints are an important determinant of investment in imperfect financial markets. Firm's investment is a function of marginal q, although liquidity constraints impose an upper bound on investment. Moreover, expectations over future liquidity conditions entail a financial accelerator effect on the firm's marginal q. Under regularity conditions there exists a relation between marginal and average q. However, these quantities are not equivalent in the presence of liquidity constraints, therefore econometric estimates using Tobin q as explanatory variable in the investment equation are subject to distortion. Econometric evidence from a dynamic panel of Italian firms in the period 1996–2010 supports these findings.
SICI: 0391-5026(2014)43:3<249:LCFAIW>2.0.ZU;2-4
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