Investment and Finance when Liquidation is Costly

In this paper we investigate to what extent expected liquidation costs affect the dependence of a firm's investment decision on available finance. We hypothesise that comovement of firm and industry sales measures such costs, which create a premium on external finance and make investment more s...

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Veröffentlicht in:	De Economist (Netherlands) 2004-03, Vol.152 (1), p.21-45
Hauptverfasser:	Letterie, Wilko A, Bruinshoofd, Allard
Format:	Artikel
Sprache:	eng
Schlagworte:	Capital stock Cash flow Collateral Costs Economic models Finance Fixed assets Investment Investments Liquidation Sales Studies Working capital
Online-Zugang:	Volltext
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