13 results
Sort by:
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Volume 25, Issue 5, p. 477-503
ISSN: 0161-8938
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Volume 25, Issue 5, p. 477-504
ISSN: 0161-8938
In: Challenge: the magazine of economic affairs, Volume 38, Issue 6, p. 18-30
ISSN: 1558-1489
In: American economic review, Volume 103, Issue 4, p. 1538-1539
ISSN: 1944-7981
In: American economic review, Volume 96, Issue 3, p. 796-810
ISSN: 1944-7981
We use earnings forecasts from securities analysts to construct a new measure of the neoclassical fundamentals that drive investment spending. We find that investment responds significantly to our new measure of fundamentals but is insensitive to cash flow, even for firms typically thought to be liquidity constrained. These results have two key implications. First, fundamentals may be more important for investment spending than would be suggested by the results to date from investment-q models. Second, the positive cash-flow effects obtained in such models may reflect a failure to control properly for fundamentals rather than the presence of financial constraints.
In: Review of Income and Wealth, Volume 64, Issue 3, p. 679-702
SSRN
SSRN
Working paper
In: NBER Working Paper No. w23369
SSRN
In: NBER Working Paper No. w21074
SSRN
Working paper
In: NBER Working Paper No. w19408
SSRN
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Volume 30, Issue 4, p. 633-673
ISSN: 0161-8938
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Volume 30, Issue 4, p. 633-674
ISSN: 0161-8938
In: Journal of Monetary Economics, Volume 118, p. 413-431
