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dc.contributor.authorTomat, Gian Mariaen
dc.date.accessioned2009-01-28T15:06:11Z-
dc.date.available2009-01-28T15:06:11Z-
dc.date.issued2008-
dc.identifier.citation|aEconomics: The Open-Access, Open-Assessment E-Journal|c1864-6042|v2|h2008-9|nKiel Institute for the World Economy (IfW)|lKiel|y2008|p1-26en
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2008-9en
dc.identifier.urihttp://hdl.handle.net/10419/18022-
dc.description.abstractThe paper develops a model of firm´s investment under uncertainty with financial market imperfections and analyzes the effects of financial constraints on firm´s investment. Firm´s investment is an increasing function of the firm´s marginal q, however the investment function is characterized by an upper bound that depends on the firm´s borrowing capabilities. The firm´s marginal q is the sum of the expected value of the marginal profitability of the physical capital stock and of a positive external finance premium. In the presence of financial market imperfections the firm forms expectations about future financial conditions and these expectations raise the firm´s current marginal q. Similarly, the shadow price of firm´s debt is the sum of the interest cost of debt repayment and of a provision for external finance that depends on the firm´s expectations over future financial conditions.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.subject.jelE22en
dc.subject.jelD92en
dc.subject.ddc330en
dc.subject.keywordFirm´s investmenten
dc.subject.keywordfinancial constraintsen
dc.subject.keywordTobin´s marginal qen
dc.subject.keyworduncertaintyen
dc.subject.stwInvestitionen
dc.subject.stwEntscheidung bei Unsicherheiten
dc.subject.stwFinanzmarkten
dc.subject.stwUnvollkommener Markten
dc.subject.stwTobin's Qen
dc.subject.stwTheorieen
dc.titleModeling the Effects of Financial Constraints on Firm's Investment-
dc.typeArticleen
dc.identifier.ppn560131992en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifweej:7126en
econstor.citation.journaltitleEconomics: The Open-Access, Open-Assessment E-Journalen
econstor.citation.issn1864-6042en
econstor.citation.volume2en
econstor.citation.issue2008-9en
econstor.citation.publisherKiel Institute for the World Economy (IfW)en
econstor.citation.publisherplaceKielen
econstor.citation.year2008en
econstor.citation.startpage1en
econstor.citation.endpage26en

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