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dc.contributor.authorBaum, Christopher F.en_US
dc.contributor.authorCaglayan, Mustafaen_US
dc.contributor.authorTalavera, Oleksandren_US
dc.date.accessioned2009-01-28T15:47:44Z-
dc.date.available2009-01-28T15:47:44Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/18527-
dc.description.abstractIn this paper we investigate the analytical and empirical linkages between firms? capital investment behavior and financial frictions arising from asymmetric information, proxied by firms? liquidity and degree of uncertainty. Measures of intrinsic and extrinsic uncertainty are derived from firms? daily stock returns and S&P 500 index returns along with a CAPM-based risk measure. We employ a panel of U.S. manufacturing firm data obtained from COMPUSTAT over the 1984?2003 period. Financial frictions captured by interactions between firms? cash flow and both intrinsic and CAPM-based measures of uncertainty have a significant negative impact on firms? investment spending, while extrinsic uncertainty has a positive impact.en_US
dc.language.isoengen_US
dc.publisherDeutsches Institut für Wirtschaftsforschung (DIW) Berlinen_US
dc.relation.ispartofseriesDIW-Diskussionspapiere 634en_US
dc.subject.jelD81en_US
dc.subject.jelE22en_US
dc.subject.jelC23en_US
dc.subject.ddc330en_US
dc.subject.keywordcapital investmenten_US
dc.subject.keywordasymmetric informationen_US
dc.subject.keywordfinancial frictionsen_US
dc.subject.keyworduncertaintyen_US
dc.subject.keywordCAPMen_US
dc.subject.stwBetriebliche Investitionspolitiken_US
dc.subject.stwFinanzierungen_US
dc.subject.stwRentabilitäten_US
dc.subject.stwSchocken_US
dc.subject.stwTheorieen_US
dc.titleFirm Investment and Financial Frictionsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn521132266en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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