English, Article, Journal or magazine article edition: Investment, R&D and liquidity constraints Pr. D. Patrick Van Cayseele

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Bookmark: http://trove.nla.gov.au/version/17787
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Investment, R&​D and liquidity constraints
Author
  • Pr. D. Patrick Van Cayseele
Physical Description
  • preprint
Notes
  • In this contribution, we present a novel instrument to control for investment opportunities in studying the investment-cash-flow sensitivity. More in particular we introduce the book value of R&​D. We argue this instrument has advantages over other theories of investment, especially when focussing on the corporate governance aspects of the investment-cash-flow sensitivity. On the other hand, it implies the investment-cash-flow sensitivity can only be studied in high-tech environments. These have corporate governance problems of their own. To investigate their effect, a signalling model is extended for R&​D induced investment opportunities, and estimated on a panel of Belgian data.
  • RePEc:nbb:reswpp:200205-14
Language
  • English
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