| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26898 |
| 来源ID | Working Paper 26898 |
| An Analytic Framework For Interpreting Investment Regressions In The Presence Of Financial Constraints | |
| Andrew B. Abel; Stavros Panageas | |
| 发表日期 | 2020-03-30 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | A financial constraint that prevents access to external funds induces non-classical measurement error in average q as a proxy for unobservable marginal q. Unlike classical measurement error, this measurement error biases upward the coefficient on average q in a univariate regression of investment on average q. In a multiple regression of investment on average q and cash flow, the coefficient on cash flow is positive. The positive cash-flow coefficient indicates the presence of a financial constraint, but it does not indicate a shortage of liquidity to fund current investment. In addition, the coefficient on average q is biased downward. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w26898 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584571 |
| 推荐引用方式 GB/T 7714 | Andrew B. Abel,Stavros Panageas. An Analytic Framework For Interpreting Investment Regressions In The Presence Of Financial Constraints. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26898.pdf（2043KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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