Cash Flow and Investment: Evidence from Internal Capital Markets
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Using data from the 1986 oil price decrease, I examine the capital expenditures of non-oil subsidiaries of oil companies. I test the joint hypothesis that 1) a decrease in cash/collateral decreases investment, holding fixed the profitability of investment, and 2) the finance costs of different parts
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美国国家经济研究局创建时间：
1996-03-01
