Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints
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https://www.nber.org/papers/w7659
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Kaplan and Zingales [1997] provide both theoretical arguments and empirical evidence that investment-cash flow sensitivities are not good indicators of financing constraints. Fazzari, Hubbard and Petersen [1999] criticize those findings. In this note, we explain how the Fazzari et al. [1999]
提供机构：
美国国家经济研究局
创建时间：
2000-04-01
