English, Article, Journal or magazine article edition: ARE BRAZILIAN FIRMS SAVINGS SENSITIVE TO CASH WINDFALLS? Cristiano Machado Costa; Lourenço Senne Paz

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/125143
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • ARE BRAZILIAN FIRMS SAVINGS SENSITIVE TO CASH WINDFALLS?
Author
  • Cristiano Machado Costa
  • Lourenço Senne Paz
Physical Description
  • preprint
Notes
  • One of the most studied topics in the corporate finance literature is the effect of financial constraints on firms' investments decisions. Trying to explain this issue, Almeida, Campello andWeisbach (2003) modeled the relationship between the financial constraints faced by firms and their demand for liquidity. They show that if one firm is financial constrained we must expect positive cash _ow sensitivity from cash windfalls, while for unconstrained firms this relation does not hold. The aim of this article is to check this proposition using annual data of 336 non-financial Brazilian public firms, from 1993 to 2002. Our results show that financial constrained Brazilian firms presented a positive relationship between cash _ow increases and variations of cash holdings. We also suggest that credit constraints in Brazil are directly related to the size of firms.
  • RePEc:anp:en2004:063
Language
  • English
Contributed by
OAIster

Get this edition

Other links

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment