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dc.contributor.authorBaum, Christopher F.en
dc.contributor.authorCaglayan, Mustafaen
dc.contributor.authorTalavera, Oleksandren
dc.date.accessioned2009-01-28T15:47:44Z-
dc.date.available2009-01-28T15:47:44Z-
dc.date.issued2006-
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
dc.language.isoengen
dc.publisher|aDeutsches Institut für Wirtschaftsforschung (DIW) |cBerlinen
dc.relation.ispartofseries|aDIW Discussion Papers |x634en
dc.subject.jelD81en
dc.subject.jelE22en
dc.subject.jelC23en
dc.subject.ddc330en
dc.subject.keywordcapital investmenten
dc.subject.keywordasymmetric informationen
dc.subject.keywordfinancial frictionsen
dc.subject.keyworduncertaintyen
dc.subject.keywordCAPMen
dc.subject.stwBetriebliche Investitionspolitiken
dc.subject.stwFinanzierungen
dc.subject.stwRentabilitäten
dc.subject.stwSchocken
dc.subject.stwTheorieen
dc.titleFirm Investment and Financial Frictions-
dc.typeWorking Paperen
dc.identifier.ppn521132266en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:diw:diwwpp:dp634en

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