In this study, we examine whether investments in fixed (identifiable) intangible assets and tangible are sensitive to cash flow the extent which sensitivity differs for firms with different levels of financial constraints. Using both UK private public firms' data, our overall analysis shows strong positive (negative) effects on (tangible assets) investments. When split data basis listing status...

Since the 1992 Amendments to the Higher Education Act (HEA92) increased the borrowing limits for education loans, college students have been financing their higher education with more education-loan debt than ever before. This study uses the policy changes surrounding the HEA92 to investigate why families have borrowed much more. Two possible explanations are considered: (1) students borrowed m...

subsea structures such as manifolds, line pipes and flow lines are important investments. also because of the sensitivity of environmental issues, corrosion of these structures is of vital importance. subsea corrosion management is different from on-shore and shallow water off-shore corrosion management in mainly three factors: materials, corrosion management practice and cathodic protection. t...

The complexity of R&D investment projects makes this task especially challenging. R&D investments are characterized by multiple sources of uncertainty, and produce cash flows only after many potentially unpredictable stages of research. The net present value (NPV) rule and other discounted cash flow techniques (DCF) for making R&D investment decisions seem to be inappropriate to build a portfol...

The literature on the Japanese Horizontal Keiretsu, or Main Bank System, is divided on the real effects of bank dependence on firm performance. This paper presents evidence on this issue for the 1980’s and 1990’s using a large sample of Japanese manufacturing firms. Using the eligibility criteria for domestic bond issues that were in place in the 1980’s as a firm sorting criteria, I find that i...

Using publicly listed firms in the UK, we examine time-series variation of investment-cash flow sensitivity after directly controlling for future growth opportunities cash flow, which if overlooked, as literature, could bias inferences. We find that is disappearing over time, even constrained during global financial crisis when credit constraints were more significant or binding. Our results no...

issuance value, redemption value and net value of issuance and redemption of investment units is called cash flow to mutual funds. this cash flow to mutual funds is used as an investor sentiment index, when there is significant relationship between cash flow to mutual funds and market return. in this paper, relationship between these two items is to be evaluated. monthly and weekly cash flow to...