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Asymmetric Effects of the Financial Crisis: Collateral-Based Investment-Cash Flow Sensitivity Analysis

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Title:
Asymmetric Effects of the Financial Crisis: Collateral-Based Investment-Cash Flow Sensitivity Analysis
Author: Khramov, Vadim
Subjects: Asset Management ; Asymmetric Effects ; Capital ; Cash flow ; Econometric models ; Economic Models ; Financial Crisis ; Global Financial Crisis 2008-2009 ; Investment-cash Flow Sensitivity ; Investments
Description: This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm's assets that can be used as collateral should be taken into account. Using panel data on U.S. firms from 1990 to 2011, it was found that the share of physical capital in assets has a strong influence on investment-cash flow sensitivity, which decreased substantially after the crisis when banks changed their expectations about the value of assets on firms' balance sheets. This paper deepens our understanding of firms' investment behavior.
Publisher: Washington: INTERNATIONAL MONETARY FUND
Creation Date: 2012
Format: 27
Language: English
Identifier: ISBN: 9781475582482
ISBN: 147558248X
ISBN: 9781475554274
ISBN: 9781475502879
ISBN: 1475502877
ISBN: 1475554273
EISBN: 9781475554274
EISBN: 1475554273
OCLC: 870244988
Source: Ebook Central Academic Complete
International Monetary Fund (IMF)
IMF Books & Analytical Papers

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