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The evolution of financial constraints
European Financial Management, 2021AbstractWe demonstrate that the severity of financial constraints has declined over time for two reasons: (i) improved access to external funds as evidenced by a decreased reliance on internal cash flows, and (ii) an inward shifting investment frontier with reduced investment opportunities.
Demetris Christodoulou +2 more
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Financial constraints for investment in Brazil
International Journal of Managerial Finance, 2013Purpose– The purpose of this paper is to verify the existence of financial constraints for investment in Brazil, an emerging market with growing international visibility.Design/methodology/approach– Using panel data methodology and generalized method of moments (GMM), the paper estimates dynamic investment models based on the Euler equation and Tobin ...
Vicente Lima Crisóstomo +2 more
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Financial outreach and household financial constraint
Accounting & Finance, 2019AbstractThis paper analyses how financial outreach affects the probability of households having financial constraint (i.e. being ‘discouraged’ and ‘rejected’ for loan applications). We show that households residing in communities with more bank branches are less likely to be financially constrained. Using the distance to the closest fruit and vegetable
Yiyi Bai, Zhisheng Li, Huan Liu
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Arbitrage with Financial Constraints and Market Power
SSRN Electronic Journal, 2020zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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The impact of the financial system’s structure on firms’ financial constraints [PDF]
Journal of International Money and Finance, 2011 We estimate firms’ cash flow sensitivity of cash to empirically test how the financial system’s structure and level of development influence their financial constraints. For this purpose we merge Almeida et al.’s work, a path-breaking design for evaluating a firm’s financial constraints, with that of Levine, who paved the way for comparative analysis ...
Baum, Christopher F. +2 more
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Financial Constraints and Corporate Investment in China
2022Distortions in capital markets can create financial constraints that deter firms from pursuing optimal investment plans. This paper explores how much these constraints affect investment by ownership type in China, using a panel data model estimated with observations on listed firms for the period 2005–17. We find that privately owned enterprises (POEs)
Mo, Kun, Soudan, Michel
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SSRN Electronic Journal, 2003
We construct an index of firms' external finance constraints via GMM estimation of an investment Euler equation. Unlike the commonly used KZ index, ours is consistent with firm characteristics associated with external finance constraints. Constrained firms' returns move together, suggesting the existence of a financial constraints factor.
Toni M. Whited, Guojun Wu
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We construct an index of firms' external finance constraints via GMM estimation of an investment Euler equation. Unlike the commonly used KZ index, ours is consistent with firm characteristics associated with external finance constraints. Constrained firms' returns move together, suggesting the existence of a financial constraints factor.
Toni M. Whited, Guojun Wu
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2015
We construct a novel measure of financial constraints using textual analysis and investigate its impact on stock returns. Unlike other financial constraints measures, ours is consistent with firm characteristics of constrained firms. We find that constrained firms' returns move together.
Buehlmaier, M, Whited, TM
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We construct a novel measure of financial constraints using textual analysis and investigate its impact on stock returns. Unlike other financial constraints measures, ours is consistent with firm characteristics of constrained firms. We find that constrained firms' returns move together.
Buehlmaier, M, Whited, TM
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2004
There is a multitude of factors that have contributed to the low level of development of the northeastern region of India in general and Assam in particular. Although the lack of finance is an acute problem, there are other equally potent impediments to the development of the northeastern region.
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There is a multitude of factors that have contributed to the low level of development of the northeastern region of India in general and Assam in particular. Although the lack of finance is an acute problem, there are other equally potent impediments to the development of the northeastern region.
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The Value of Financial Constraints
SSRN Electronic Journal, 2018We solve a deterministic impulse control problem with state dependent continuous control constraints. Impulses shift the state variable, altering subsequent continuous control constraints, making established methods difficult to apply. These functionals arise in the context of firm valuation, where capital drives cash flows with diminishing returns ...
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