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Author Page for Gayané Hovakimian :: SSRN

87625

The accessibility of external capital is positively correlated with cash flows, intensifying investment cash flow sensitivity. Managers actively counteract the variations in internal and external liquidity by accumulating working capital when liquidity is high and draining it when liquidity is low.1 Cash obtained from asset sales is also free of another possible caveat of cash flow. Kaplan and Zingales (1997) raise a concern that in firms where cash flow and investment grow at a rate similar to that of sales, investment-cash flow sensitivities are biased towards one. They further argue that this effect is stronger forThe results presented in Table III indicate that the average firm in the sample demonstrates significant sensitivity of investment expenditures to cash flow with a coefficient of 0.061. Further, the cash flow coefficient for PCF-sensitive firms is more than four times higher than it is for CF-insensitive firms.Is High Cash Flow a Blessing or a Curse ? Evidence from Bidder ’ s Long-term Performance @inproceedings{Lam2013IsHC, title={Is High Cash Flow a Blessing or a Curse ? Evidence from Bidder ’ s Long-term Performance}, author={P. L. Lam}, year={2013} } P. L. Lam; Published 2013Cash Flow Sensitivity of Investment. Armen Hovakimian and Gayané Hovakimian. European Financial Management, 2009, vol. 15, issue 1, 47-65 . Abstract: Investment cash flow sensitivity is associated with both underinvestment when cash flows are low and overinvestment when cash flows are high.Semantic Scholar profile for Gayané Hovakimian, with 89 highly influential citations and 14 scientific research papers.The accessibility of external capital is positively correlated with cash flows, intensifying investment cash flow sensitivity. Managers actively counteract the variations in internal and external liquidity by accumulating working capital when liquidity is high and draining it when liquidity is low.Investment cash flow sensitivity is associated with both underinvestment when cash flows are low and overinvestment when cash flows are high determinants of investment cash flow sensitivity gayané hovakimian. The accessibility of external capital is positively correlated with cash flows, intensifying investment cash flow sensitivity. Managers actively counteract the variations in internal and external.Investment-cash flow sensitivity is decreasing in the cost of external financing when it is relatively low and is increasing in the financing cost when it is high. Empirical tests examining investment-cash flow sensitivities within groups of firms classified by proxies for their costs of external funds provide evidence consistent with the model. Determinants of investment cash flow sensitivity gayané hovakimian.

Determinants of Investment Cash Flow Sensitivity

  1. Is Investment-Cash Flow Sensitivity Caused by Agency Costs or
  2. Gayane HOVAKIMIAN | Fordham University, NY | Graduate School
  3. Author Page for Gayané Hovakimian :: SSRN
  4. Determinants of Investment Cash Flow Sensitivity, Financial
  5. Determinants of Investment Cash Flow Sensitivity - CORE
  6. Institutional Determinants of Investment-Cash Flow
  7. Determinants of Investment Cash Flow Sensitivity - Hovakimian
  8. Evidence on the determinants of investment-cash flow sensitivity
  9. Cash Flow Sensitivity of Investment
  10. Costly External Financing, Investment Timing, and Investment

NBER WORKING PAPER SERIES CORPORATE INVESTMENT WITH FINANCIAL

This paper investigates firms’ cash flow sensitivity of cash (CFSC) in a European setting. We examine the differing effects of financial constraints and income and substitution effects on CFSC in the context of the family ownership structure.This paper investigates the relevance of growth opportunities for the interpretation of investment-cash flow sensitivity of large Belgian companies. We use data on both listed and large unlisted firms to better distinguish between issues of overinvestment due to agency problems and underinvestment due to capital constraints.Cash flow insensitive firms have the highest cash flows, lowest growth opportunities, and appear the least financially constrained. To a large extent, the negative relationship between cash flow and investment is driven by the opposite trends followed by investment and cash flow, as firms grow through stages of their life cycle determinants of investment cash flow sensitivity gayané hovakimian.Most of the controversy about the investment-cash flow sensitivity as a measure of financial constraints concentrates on listed firms. We assume that unlisted growing Small and Medium-Sized Enterprises (SMEs) were subject to financial constraints before a Venture Capital (VC) investment. We analyse the investment-cash flow sensitivity in unlisted Spanish SMEs with and without VC involvement.Armen Hovakimian and Gayané Hovakimian. Baruch College - Zicklin School of Business and Fordham University, Gabelli School of Business. Downloads 4 (723,918) Cash Flow Sensitivity of Investment. This is a Wiley-Blackwell Publishing paper. Wiley-Blackwell Publishing charges .00 . File name: eufm.pdf. Size: 128K.We estimate investment-cash flow models for a large sample of firms in 13 transition economies over the period 1993–2003, and find that (1) investment-cash flow sensitivities decline over transition years; (2) for state-owned firms, in early transition the investment-cash flow sensitivity is negative, which we interpret as being consistent with soft budget constraints; (3) privatised firms.Cash flow insensitive firms have the highest cash flows and lowest growth opportunities, and appear the least financially constrained. At least partially, negative cash flow sensitivity is driven by high investment and low cash flow levels at the inception of firms as public companies, which decrease and increase, respectively, with age.of investment-cash flow sensitivity. Section 5 examines the relation between investment-cash flow sensitivity and the factors associated with capital markets. Section 6 concludes the paper. II. The q Model of Investments and Hypotheses on Investment-Cash Flow Sensitivity in Relation to Capital Market Factors A.1 Cash obtained from asset sales is also free of another possible caveat of cash flow. Kaplan and Zingales (1997) raise a concern that in firms where cash flow and investment grow at a rate similar to that of sales, investment-cash flow sensitivities are biased towards one. They further argue that this effect is stronger for Determinants of investment cash flow sensitivity gayané hovakimian.

EconPapers: Determinants of Investment Cash Flow Sensitivity

Determinants of Investment Cash Flow Sensitivity. Gayané Hovakimian. Financial Management, 2009, vol. 38, issue 1, 161-183 Abstract: I classify firms into groups of high, low, and negative sensitivity. I find that investment‐cash flow sensitivity is nonmonotonic with respect to financial constraints, cash flows, and growth opportunities.The accessibility of external capital is positively correlated with cash flows, intensifying investment cash flow sensitivity. Managers actively counteract the variations in internal and external liquidity by accumulating working capital when liquidity is high and draining it when liquidity is low.Determinants of Investment Cash Flow Sensitivity Gayane Hovakimian* I classifyfirms into groups of high, low, and negative sensitivity. Ifind that investment-cashflow sensitivity is nonmonotonic with respect to financial constraints, cashflows, and growth opportu nities."Cash Flow-Sensitivity of Investment" (with A. Hovakimian), European Financial Management, 2009, 15 (1), 47-65. "Corporate Investment with Financial Constraints: Sensitivity of Investment to Funds from Voluntary Asset Sales" (with S. Titman), Journal of Money, Credit and Banking, 2006, 38 (2), 357-374.Investment-cash flow sensitivity is decreasing in the cost of external financing when it is relatively low and is increasing in the financing cost when it is high. Empirical tests examining investment-cash flow sensitivities within groups of firms classified by proxies for their costs of external funds provide evidence consistent with the model.Is High Cash Flow a Blessing or a Curse ? Evidence from Bidder ’ s Long-term Performance @inproceedings{Lam2013IsHC, title={Is High Cash Flow a Blessing or a Curse ? Evidence from Bidder ’ s Long-term Performance}, author={P. L. Lam}, year={2013} } P. L. Lam; Published 2013We estimate investment-cash flow models for a large sample of firms in 13 transition economies over the period 1993–2003, and find that (1) investment-cash flow sensitivities decline over transition years; (2) for state-owned firms, in early transition the investment-cash flow sensitivity is negative, which we interpret as being consistent with soft budget constraints; (3) privatised firms.1 Cash obtained from asset sales is also free of another possible caveat of cash flow. Kaplan and Zingales (1997) raise a concern that in firms where cash flow and investment grow at a rate similar to that of sales, investment-cash flow sensitivities are biased towards one. They further argue that this effect is stronger forWe compute firm-specific estimates for the cash flow sensitivity of investment (CFSI), and the cash flow sensitivity of cash (CFSC) and provide a framework that summarizes the performance of each model into a single numerical metric. Determinants of investment cash flow sensitivity gayané hovakimian.

The determinants of cash flow sensitivity of cash: The family

Armen Hovakimian & Gayané Hovakimian, 2009. "Cash Flow Sensitivity of Investment," European Financial Management, European Financial Management Association, vol. 15(1), pages 47-65, January.Using firm-level estimates of investment-cash flow sensitivity, I classify firms into groups of high, low, and negative sensitivity. I find that investment-cash flow sensitivity is non-monotonic with respect to financial constraints, cash flows, and growth opportunities. Specifically, firms with negative cash flow sensitivity have the lowest cash flows and highest growth opportunities, and.I classify firms into groups of high, low, and negative sensitivity. I find that investment-cash flow sensitivity is nonmonotonic with respect to financial constraints, cash flows, and growth.We compute firm-specific estimates for the cash flow sensitivity of investment (CFSI), and the cash flow sensitivity of cash (CFSC) and provide a framework that summarizes the performance of each model into a single numerical metric.Is High Cash Flow a Blessing or a Curse ? Evidence from Bidder ’ s Long-term Performance @inproceedings{Lam2013IsHC, title={Is High Cash Flow a Blessing or a Curse ? Evidence from Bidder ’ s Long-term Performance}, author={P. L. Lam}, year={2013} } P. L. Lam; Published 2013We estimate investment-cash flow models for a large sample of firms in 13 transition economies over the period 1993–2003, and find that (1) investment-cash flow sensitivities decline over transition years; (2) for state-owned firms, in early transition the investment-cash flow sensitivity is negative, which we interpret as being consistent with soft budget constraints; (3) privatised firms.Armen Hovakimian and Gayané Hovakimian. Baruch College - Zicklin School of Business and Fordham University, Gabelli School of Business. Downloads 4 (723,918) Cash Flow Sensitivity of Investment. This is a Wiley-Blackwell Publishing paper. Wiley-Blackwell Publishing charges .00 . File name: eufm.pdf. Size: 128K."Is Investment-Cash Flow Sensitivity Caused by the Agency Costs or Asymmetric Information? Evidence from the UK," Other publications TiSEM 78c48415-0807-434c-bec1-c, Tilburg University, School of Economics and Management. Pawlina, G. & Renneboog, L.D.R., 2005. "IsGautam, Vikash, 2011. "Evidence on the dynamics of investment-cash flow sensitivity," MPRA Paper 35431, University Library of Munich, Germany, revised Dec 2011. Gayané Hovakimian, 2009. "Determinants of Investment Cash Flow Sensitivity," Financial Management, Financial Management Association International, vol. 38(1), pages 161-183, March. Determinants of investment cash flow sensitivity gayané hovakimian.

Investment-cash flow sensitivity in small and medium sized

Hovakimian, Gayane and Sheridan Titman. "Corporate Investment With Financial Constraints: Sensitivity Of Investment To Funds From Voluntary Asset Sales," Journal of Money, Credit and Banking, 2006, v38(2,Mar), 357-374. citation courtesy of Determinants of investment cash flow sensitivity gayané hovakimian.

The Impact of Capital Market Imperfections on Investment-Cash