Investment, Uncertainty, And Liquidity  

Oleh:

Boyle, Glenn W. ; Guthrie, Graeme A.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 5 (Oct. 2003), page 2143-2166.
Topik: investment; investments policy; capital markets; financial management; liquidity; mathematical models; studies
Fulltext: p 2143.pdf (225.71KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We analyze the dynamic decision of a firm subject to an endogenous financing constraint. The threat of future funding shortfalls lowers the value of the firm's timing options and encourages acceleration of investment beyond the first - best optimal level. As well as highlighting another way by which capital market frictions can distort investment behavior, this result implies that : (1) the sensitivity of investment to cash flow can be greatest for high-liquidity firms and (2) greater uncertainty has an ambiguous effect on investment.

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