171
Views
0
CrossRef citations to date
0
Altmetric
Original Articles

Deciding on large scale investments

&

References

  • Agca, S., and A. Mozumdar. 2008. “The Impact of Capital Market Imperfections on Investment-Cash Flow Sensitivity.” Journal of Banking & Finance 32: 207–216. doi:10.1016/j.jbankfin.2007.02.013.
  • Allayannis, G., and A. Mozumdar. 2004. “The Impact of Negative Cash Flow and Influential Observations on Investment-Cash Flow Sensitivity Estimates.” Journal of Banking & Finance 28: 901–930. doi:10.1016/S0378-4266(03)00114-6.
  • Almeida, H., M. Campello, and M. S. Weisbach. 2004. “The Cash Flow Sensitivity of Cash.” The Journal of Finance 59: 1777–1804. doi:10.1111/jofi.2004.59.issue-4.
  • ApexBrasil. 2014. “Brazilian Trade and Investment Promotion Agency (2014).” Investment Guide to Brasil 2014, Accessed 24 July 2015. http://arq.apexbrasil.com.br/legado/investmentguidetobrasil2014.pdf
  • Baum, C. F., M. E. Schaffer, and S. Stillman. 2003. “Instrumental Variables and GMM: Estimation and Testing.” Stata Journal 3: 1–31.
  • Bazerman, M. H., and D. A. Moore. 2012. Judgment in Managerial Decision Making. 8th ed. New York: Willey.
  • Bond, S., D. Harhoff, and J. V. Reenen. 1999. “Investment, R&D and financial constraint in Britain and Germany.” IFS Working Paper W99/05.
  • Brown, J. R., and B. C. Petersen. 2009. “Why Has the Investment-Cash Flow Sensitivity Declined so Sharply? Rising R&D and Equity Market Developments.” Journal of Banking & Finance 33: 971–984. doi:10.1016/j.jbankfin.2008.10.009.
  • Chen, H. J., and S. J. Chen. 2012. “Investment-Cash Flow Sensitivity Cannot Be a Good Measure of Financial Constraints: Evidence from the Time Series.” Journal of Financial Economics 103: 393–410. doi:10.1016/j.jfineco.2011.08.009.
  • Czarnitzki, D., and H. Hottenrott. 2011. “R&D Investment and Financing Constraints of Small and Medium-Sized Firms.” Small Business Economics 36: 65–83. doi:10.1007/s11187-009-9189-3.
  • Deloitte. 2015. “Doing Business in Brazil.” Accessed 24 July 2015. http://www.deloitte.dbbrazil.com.br/show.aspx?idCanal=171nnV02FxuWEQm1suf4EA==
  • Denis, D. J., and V. Sibilkov. 2010. “Financial Constraints, Investment, and the Value of Cash Holdings.” Review of Financial Studies 23: 247–269. doi:10.1093/rfs/hhp031.
  • Devereux, M. P., and F. Schiantarelli. 1990. “Investment, Financial Factors, and Cash Flow: Evidence from U.K. Panel Data.” Working Paper No. 3116. In Asymmetric Information, Corporate Finance, and Investment, 279–306. Cambridge, MA: National Bureau of Economic Research.
  • Faulkender, M., and R. Wang. 2006. “Corporate Financial Policy and the Value of Cash.” The Journal of Finance 61: 1957–1990. doi:10.1111/jofi.2006.61.issue-4.
  • Fazzari, S. M., R. G. Hubbard, and B. C. Petersen. 1988. “Financing Constraints and Corporate Investment.” Brookings Papers on Economic Activity 1988: 141–206. doi:10.2307/2534426.
  • Fensterseifer, J. E., and N. Saul. 1993. “Investimentos de capital nas grandes empresas.” Revista de Administração, USP, São Paulo 28: 3–12.
  • Hall, B. H. 1992. Investment and Research and Development at the Firm Level: Does the Source of Financing Matter?. Working Paper No. 4096. Cambridge, MA: National Bureau of Economic Research.
  • Heckman, J. 1979. “Sample Selection Bias as a Specification Error.” Econometrica 47: 153–161. doi:10.2307/1912352.
  • Himmelberg, C. P., and B. C. Petersen. 1994. “R&D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries.” The Review of Economics and Statistics 76: 38–51. doi:10.2307/2109824.
  • Hosono, K., M. Hotei, and C. Umezaki. 2013. “External Finance Constraints and the Timing of Investment Spikes.” Policy Research Institute, Ministry of Finance, Japan, Public Policy Review 9: 365–404.
  • Hsiao, C., and A. K. Tahmiscioglu. 1997. “A Panel Analysis of Liquidity Constraints and Firm Investment.” Journal of the American Statistical Association 92: 455–465. doi:10.1080/01621459.1997.10473997.
  • Jahanzeb, A., S. Muneer, and S. Rehman. 2012. “Implication of Behavioral Finance in Investment Decision-Making Process.” Information Management and Business Review 4: 532–536.
  • Kalatzis, A. E. G., and C. R. Azzoni. 2009. “Investment Decisions in Troubled Times: A Bayesian Approach Applied to Brazilian Firms.” International Journal of Production Economics 120: 595–606. doi:10.1016/j.ijpe.2009.04.009.
  • Kalatzis, A. E. G., C. R. Azzoni, and J. A. Achcar. 2008. “Financial Constraints and Investment Decisions: Evidence from a Highly Unstable Emerging Economy.” Applied Economics 40: 1425–1434. doi:10.1080/00036840600771379.
  • Kaplan, S. N., and L. Zingales. 1997. “Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?” The Quarterly Journal of Economics 112: 169–215. doi:10.1162/003355397555163.
  • Nilsen, O. A., and F. Schiantarelli. 2003. “Zeros and Lumps in Investment: Empirical Evidence on Irreversibilities and Nonconvexities.” The Review of Economics and Statistics 85: 1021–1037. doi:10.1162/003465303772815907.
  • Savignac, F. 2006. The Impact of Financial Constraints on Innovation: Evidence from French Manufacturing Firms. Paris: University Panthyon-Sorbonne.
  • Souza, J. S. 2008. “Proposta de uma Sistemática para Análise Multicriterial de Investimentos.” Dissertação de Mestrado em Administração, UFRGS, Porto Alegre.
  • Weinhold, D. 1999. “A Dynamic ‘Fixed Effects’ Model for Heterogeneous Panel Data.” Unpublished manuscript. London School of Economics.
  • Whited, T. M. 2006. “External Finance Constraints and the Intertemporal Pattern of Intermittent Investment.” Journal of Financial Economics 81: 467–502. doi:10.1016/j.jfineco.2005.07.007.
  • Willian, N. G., and A. Kumar. 2008. “Equity Portfolio Diversification.” Review of Finance 12: 433–463. doi:10.1093/rof/rfn005.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.