Firms' investment and finance decisions: theory and empirical methodology
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| Format: | Book |
|---|---|
| Language: | English |
| Published: |
Cheltenham
Elgar
2003
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Papers presented at the second biennial international conference organized by the National Bank of Belgium, held May 27-28, 2002 in Brussels. - Includes bibliographical references and index |
| Physical Description: | XVI, 334 S. graph. Darst. |
| ISBN: | 1843763990 |
Staff View
MARC
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Record in the Search Index
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| adam_text | Contents
List of figures v/7
List of tables ix
List of contributors xiii
Foreword xv
Guy Quaden
Introduction 1
Paul Butzen and Catherine Fuss
1. Lifting the burden:
fundamental tax reform and US economic growth 13
Dale Jorgenson andKun Young Yun
2. Structural modelling of financial constraints on investment: 40
where do we stand?
Jean Bernard Chatelain
3. Capital market imperfections and investment:
evidence from Belgian panel data 59
Marcel Gerard and Frederic Verschueren
Discussion: Sebastian Schich 77
4. Investment, R D and liquidity constraints:
a corporate governance approach to the Belgian evidence 83
Patrick Van Cayseele
Discussion: Patrick Vanhoudt 99
5. Financing and investment interdependencies in
unquoted Belgian companies: the role of venture capital 105
Katleen Baeyens, Sophie Manigart and Use Verschueren
Discussion: Leo de Haan 126
V
vi Contents
6. Financing constraints, fixed capital and
R D investment decisions of Belgian firms 129
Michele Cincera
Discussion: Fabiano Schivardi 148
7. Real options and investment under uncertainty:
what do we know? 153
Lenos Trigeorgis
8. Development path and capital structure of Belgian
biotechnology firms 167
Veronique Bast in, Albert Cor hay, Georges Hiibner
and Pierre Armand Michel
Discussion: Chantal Kegels 190
9. Investment, uncertainty and irreversibility:
evidence from Belgian accounting data 194
Danny Cassimon, Peter Jan Engelen, Hilde Meersman
and Marline Van Wouwe
Discussion: Michael Thiel 220
10. The impact of uncertainty on investment plans:
a survey data approach 227
Paul Butzen, Catherine Fuss and Philip Vermeulen
Discussion: Ulfvon Kalckreuth 245
11. Governance as a source of managerial discipline 253
Julian Franks and Colin Mayer
12. Capital structure, firm liquidity and growth 270
Ronald Anderson
Discussion: Ignazio Angeloni 292
Bibliography 295
Index 323
Figures
1.1 Transition paths of tax rates: Flat Tax, Hall Rabushka 30
1.2 Transition paths of tax rates: Flat Tax, Armey Shelby 31
1.3 Transition paths of tax rates: plans 1 and 2 of NRST 35
1.4 Transition paths of tax rates: plans 4, 5 and 7 of NRST 36
3.1 Impulse respone to specific interest rate shock 74
4D. 1 Gross fixed capital formation vs R D
in the Belgian private sector 101
7.1 Investment decision process 159
8.1 Scenario tree with time to build and growth options 171
9.1 Real option analysis (ROA) vs
net present value (NPV) rule 197
9D.1 Measures of uncertainty 220
9D.2 Investment share in the euro area, 1980 2001 221
9D.3 Degree ofskewness (annual growth rates 1961 92) 224
12.1 Optimal level of liquid assets holdings 276
v/7
Tables
1.1 Tax parameters of fundamental tax reforms: lump sum tax
adjustment (central cases) 29
1.2 Welfare effects of fundamental tax reform: Flat Tax 32
1.3 Welfare effects of fundamental tax reform: National Retail
Sales Tax 34
3.1 Equation (3.6), full sample 68
3.2 Equation (3.6), small vs large firms, high debt and
low debt firms 69
3.3 Structural parameters, equation (3.6) 70
3.4 Equation (3.8), full sample, small vs large firms,
high vs low debt level firms 71
3D.1 Impact of uncertainty on investment (selected empirical studies) 79
3D.2 Panel cointegration estimates of aggregate investment
equations (1970 99; 19 OECD countries) 80
4.1 Expected sign of coefficients in the investment regression 93
4.2 Summary statistics of the panel 94
4.3 GLS regression of investment, fixed effects, book value
of lagged R D 95
4D. 1 Correlations between lags of business R D and
private investment 100
5.1 Description of the total sample 113
5.2 Description of dependent and independent variables 114
5.3 Results of the analyses 118
5A.I Variable definitions 124
5 A.2 Basic statistics of investment in tangible assets
by year after VC participation 125
6.1 List of the main variables 133
6.2 Error correction model for physical capital 139
6.3 Error correction model for R D capital 139
6.4 Error correction model for R D: permanent versus
occasional R D 141
6.5 Error correction model for R D: impact of publicly
funded R D 142
ix
x Tables
6.6 Long run cash flow effects: differences between industry
sectors and regions 144
8.1 Hypotheses 179
8.2 Mean values of capital structure ratios for
the sample and across stages 181
8.3 Mean values of capital structure ratios and
differences tests across branches 182
8.4 Capital structure hypothesis tests with grouping of
failure and success branches 185
8.5 Capital structure hypothesis tests with respect
to patent filing information 187
8D. 1 Index of VC investment/GDP
(average 1998 99), Belgium =100 192
8D.2 Breakdown of high tech venture capital (1999) 193
9.1 Investment and macroeconomic volatility indicators:
global results 199
9.2 Estimation of investment functions using cross section data 207
9A. 1 Investment and macroeconomic volatility indicators:
country specific results 212
9A.2 Tobit I estimates for different uncertainty indicators 214
9A.3 Reduced Probit estimation results for
different uncertainty indicators 216
9A.4 Sample selection estimates for different uncertainty indicators 218
9D. 1 Testing for additional determinants in investment equations 222
10.1 Descriptive statistics of the final samples 234
10.2 GMM estimation in first difference with fixed effects and
sector specific uncertainty 238
10.3 Effect of firm specific demand uncertainty on
planned investment (OLS estimates) 239
10.4 OLS estimates of Euler equation 10.3 (Spring survey) 242
11.1 Cumulative excess returns of 516 US merging firms
from the bid announcement to five years post merger (1970 89) 256
11.2 Long term performance for a sample of
722 UK takeovers (1975 90) 256
11.3 Pre bid performance for targets of hostile bids and
a sample of non merging companies using share returns 257
11.4 Average board turnover annualised over three years
for firms in different deciles of share price performance 260
11.5 Size of largest shareholdings for a sample of
quoted companies (1988 93) 261
Tables xi
11.6 Concentration of ownership by performance of firms
in different deciles 261
11.7 Executive board turnover and CEO turnover for
a sample of poorly performing companies ranked
by quartile of interest cover, percentages 263
12.1 Factors determining liquid assets holdings 279
12.2 Data definitions 281
12.3 Liquidity ratio for UK firms (OLS regressions) 282
12.4 Liquidity ratio for UK firms (panel estimates) 284
12.5 Comparisons of corporate liquidity
(ratio of liquid assets to total assets) 286
12.6 Liquidity ratio for Belgian firms 287
12D. 1 Correlation between debt (long and short term) and
liquid assets across non financial firms in
four European countries 294
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| spelling | Firms' investment and finance decisions theory and empirical methodology edited by Paul Butzen and Catherine Fuss Cheltenham Elgar 2003 XVI, 334 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Papers presented at the second biennial international conference organized by the National Bank of Belgium, held May 27-28, 2002 in Brussels. - Includes bibliographical references and index Capital investments Decision making Corporations Finance Decision making Investment tax credit Investition (DE-588)4027556-5 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Investitionsplanung (DE-588)4114044-8 gnd rswk-swf Industrie (DE-588)4026779-9 gnd rswk-swf Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd rswk-swf Deutschland Bundesrepublik (DE-588)4011889-7 gnd rswk-swf (DE-588)1071861417 Konferenzschrift gnd-content Deutschland Bundesrepublik (DE-588)4011889-7 g Industrie (DE-588)4026779-9 s Investition (DE-588)4027556-5 s DE-604 Investitionsplanung (DE-588)4114044-8 s Finanzierung (DE-588)4017182-6 s Entscheidung bei Unsicherheit (DE-588)4070864-0 s 1\p DE-604 Butzen, Paul Sonstige oth Fuss, Catherine Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010317073&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Firms' investment and finance decisions theory and empirical methodology Capital investments Decision making Corporations Finance Decision making Investment tax credit Investition (DE-588)4027556-5 gnd Finanzierung (DE-588)4017182-6 gnd Investitionsplanung (DE-588)4114044-8 gnd Industrie (DE-588)4026779-9 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd |
| subject_GND | (DE-588)4027556-5 (DE-588)4017182-6 (DE-588)4114044-8 (DE-588)4026779-9 (DE-588)4070864-0 (DE-588)4011889-7 (DE-588)1071861417 |
| title | Firms' investment and finance decisions theory and empirical methodology |
| title_auth | Firms' investment and finance decisions theory and empirical methodology |
| title_exact_search | Firms' investment and finance decisions theory and empirical methodology |
| title_full | Firms' investment and finance decisions theory and empirical methodology edited by Paul Butzen and Catherine Fuss |
| title_fullStr | Firms' investment and finance decisions theory and empirical methodology edited by Paul Butzen and Catherine Fuss |
| title_full_unstemmed | Firms' investment and finance decisions theory and empirical methodology edited by Paul Butzen and Catherine Fuss |
| title_short | Firms' investment and finance decisions |
| title_sort | firms investment and finance decisions theory and empirical methodology |
| title_sub | theory and empirical methodology |
| topic | Capital investments Decision making Corporations Finance Decision making Investment tax credit Investition (DE-588)4027556-5 gnd Finanzierung (DE-588)4017182-6 gnd Investitionsplanung (DE-588)4114044-8 gnd Industrie (DE-588)4026779-9 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd |
| topic_facet | Capital investments Decision making Corporations Finance Decision making Investment tax credit Investition Finanzierung Investitionsplanung Industrie Entscheidung bei Unsicherheit Deutschland Bundesrepublik Konferenzschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010317073&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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