Investment-cash flow sensitivities and capital misallocation
This paper directly estimates the effect of financing constraint on capital misallocation. We provide a simple theoretical framework that links the heterogeneity in investment-cash flow sensitivity, a common indicator of financing constraint, to the dispersion of marginal revenue product of capital,...
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| Main Authors: | , |
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| 其他作者: | |
| 格式: | Article |
| 語言: | English |
| 出版: |
2019
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| 主題: | |
| 在線閱讀: | https://hdl.handle.net/10356/106511 http://hdl.handle.net/10220/47942 |
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