English, Article, Journal or magazine article edition: On the Sensitivity of Firms' Investment to Cash Flow and Uncertainty Christopher F. Baum; Mustafa Caglayan; Oleksandr Talavera

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Bookmark: http://trove.nla.gov.au/version/73312
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • On the Sensitivity of Firms' Investment to Cash Flow and Uncertainty
Author
  • Christopher F. Baum
  • Mustafa Caglayan
  • Oleksandr Talavera
Physical Description
  • preprint
Notes
  • We investigate the analytical and empirical linkages between cash flow, uncertainty and firms' capital investment behavior. Our empirical approach constructs measures of own- and market-specific uncertainty from firms' daily stock returns and S&​P 500 index returns along with a CAPM-based risk measure. Our results indicate that even in the presence of important firm-specific variables, uncertainty is an important determinant of firms' investment behavior. Depending on the measure of uncertainty used, investment may be stimulated or curtailed by the effects of uncertainty on its own or through its interactions on cash flow.
  • capital investment, cash flow, financial frictions, uncertainty, CAPM
  • RePEc:boc:bocoec:638
Language
  • English
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