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Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Working Paper No. 862
Verlag: 
Queen Mary University of London, School of Economics and Finance, London
Zusammenfassung: 
This paper studies whether the monotonicity condition of the investment-cash flow sensitivity is satisfied empirically. We show that if this condition holds, then the point of sample separation does not affect the monotonic relationship between the sensitivities of any two complementary classes of observations. Our test, based upon observable averages of the investment-cash flow sensitivity, rejects the monotonicity condition for any common metric of financing constraints we use. The testing procedure we propose reconciles the conflicting findings of the literature about the shape of the investment-cash flow sensitivity.
Schlagwörter: 
Investment-cash flow sensitivity
Monotonicity condition
Sample separation
JEL: 
G30
G32
Dokumentart: 
Working Paper

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