Credit Distortion, Firm Nature and Investment Efficiency
نویسندگان
چکیده
منابع مشابه
Corporate Financing and Investment: The Firm-Level Credit Multiplier∗
We study the effect of asset liquidity (“tangibility”) on firm policies in the presence of financing constraints. We do so in a real options framework that allows for the simultaneous determination of investment and financing. In the presence of financing imperfections, firms that operate more tangible assets have larger credit capacity. By expanding the firm’s capital base, the investment proc...
متن کاملInvestment, Efficiency, and Credit Rationing: Evidence from Hungarian Panel Data
Relying upon a rich and unique panel of Hungarian firms over 7 years, from 1992 up to 1998, this paper estimates simultaneously TFP, Total Factor Productivity, identified as efficiency, and the parameters of a model where investment depends upon internal funds, wages, and sales, as in Prasnikar J. and Svejnar J. (2000). It shows that while real investment is higher in foreign firms, the improve...
متن کاملAccounting Measurement Basis, Market Mispricing, and Firm Investment Efficiency
In this paper, we investigate how the accounting measurement basis affects the capital market pricing of a firm’s shares, which, in turn, affects the efficiency of the firm’s investment decisions. We distinguish two broad bases for accounting measurements: input-based and output-based accounting. We argue that the structural difference in the two measurement bases leads to a systematic differen...
متن کاملFirm-Specific Information and the Efficiency of Investment
We use a new firm-level dataset to examine the efficiency of investment in emerging economies. In the three-year period following stock market liberalizations, the growth rate of the typical firm’s capital stock exceeds its pre-liberalization mean by an average of 5.4 percentage points. Cross-sectional changes in investment are significantly correlated with the signals about fundamentals embedd...
متن کاملCan Credit Registries Reduce Credit Constraints? Empirical Evidence on the Role of Credit Registries in Firm Investment Decisions
We thank Eduardo Lora for comments on a previous version. Arturo Galindo is an economist in the Research Department of the Inter-American Development Bank, Margaret Miller at the Corporate Strategy Group and Office of the Chief Economist of the World Bank. The views expressed in this document are of the authors and do not necessarily reflect those of the Inter-American Development Bank or the W...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: American Journal of Industrial and Business Management
سال: 2018
ISSN: 2164-5167,2164-5175
DOI: 10.4236/ajibm.2018.84060