Non-Tobin's q in Tests for Financial Constraints to Investment

被引：0
|
作者：
Rendon, Silvio [1 ]
机构：
[1] SUNY Stony Brook, Dept Econ, Stony Brook, NY 11794 USA
来源：
ECONOMICS OF IMPERFECT MARKETS: THE EFFECTS OF MARKET IMPERFECTIONS ON ECONOMIC DECISION-MAKING | 2010年
关键词：
ADJUSTMENT COSTS; CASH FLOW;
D O I：
10.1007/978-3-7908-2131-4_2
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Liquidity constrained firms may be under two very well identified investment regimes, constrained and unconstrained. In this paper I derive theoretical investment equations for both regimes and discuss the consequences of ignoring the specific form of the liquidity constrained regime. I also show that expressing the investment equation as a function of Tobin's q is by no means necessary in theory and in practice, in particular, it is not required to test for liquidity constraints.
引用
收藏
页码：33 / 49
页数：17
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