External finance constraints and the intertemporal pattern of intermittent investment

被引：136

作者：

Whited, Toni M. ^{[1
]}

机构：

[1] Univ Wisconsin, Sch Business, Madison, WI 53706 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2006年 / 81卷 / 03期

关键词：

finance constraints; lumpy investment; hazard estimation;

D O I：

10.1016/j.jfineco.2005.07.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Do external finance constraints affect the timing of large investment projects? Simulations of a model with fixed capital-stock adjustment costs establish the hypothesis that external finance constraints lower a firm's investment hazard: the probability of undertaking a large project today as a function of the time since the last project. Hazard model estimation that controls for productivity and adjustment costs supports this hypothesis. Small firms that distribute cash to shareholders have higher hazards than small firms that do not; very small firms have lower hazards than small firms; small stand-alone firms have significantly lower hazards than small segments of conglomerates. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：467 / 502

页数：36

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