{"id":1157,"date":"2015-07-27T17:15:10","date_gmt":"2015-07-27T08:15:10","guid":{"rendered":"http:\/\/www.waseda.jp\/inst\/wias\/?p=1157"},"modified":"2016-12-14T17:27:09","modified_gmt":"2016-12-14T08:27:09","slug":"%e9%ab%98%e7%ad%89%e7%a0%94%e7%a9%b6%e6%89%80%e3%82%bb%e3%83%9f%e3%83%8a%e3%83%bc%e3%82%b7%e3%83%aa%e3%83%bc%e3%82%ba%e3%80%90%e6%94%bf%e6%b2%bb%e3%83%bb%e7%b5%8c%e6%b8%88%e3%83%bb%e6%b3%95%e3%81%ae-8","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/inst\/wias\/news\/2015\/07\/27\/1157\/","title":{"rendered":"\u9ad8\u7b49\u7814\u7a76\u6240\u30bb\u30df\u30ca\u30fc\u30b7\u30ea\u30fc\u30ba\u3010\u653f\u6cbb\u30fb\u7d4c\u6e08\u30fb\u6cd5\u306e\u8a08\u91cf\u5206\u6790\u3011
Waseda Organizational and Financial Economics Seminar
The Sensitivity of Investment to Cash Flow: A Firm Growth Type Explanation"},"content":{"rendered":"

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\nWaseda Organizational and Financial Economics Seminar
\nThe Sensitivity of Investment to Cash Flow: A Firm Growth Type Explanation<\/h3>\n\n\n\n\n\n\n\n\n\n\n
\u8b1b\u6f14\u8005<\/th>\nXueping Wu\u6c0f
\n(Associate Professor, Department of Economics and Finance, City University of Hong Kong, China)
\n\u8b1b\u6f14\u8005\u306e\u30d7\u30ed\u30d5\u30a3\u30fc\u30eb\u306f\u3053\u3061\u3089<\/a><\/td>\n<\/tr>\n
\u65e5\u3000\u6642<\/th>\n2015\u5e747\u670827\u65e5\uff08\u6708\uff0913:00\uff5e14:30<\/td>\n<\/tr>\n
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\u4e3b\u3000\u65e8<\/th>\nThis paper shows that investment-to-cash-flow sensitivity (ICFS) reflects firm growth type. We identify a firm\u2019s growth type by the firm\u2019s growth uncertainty or asymmetric information about growth (AI). Firms starting with distinct AI\u2019s have persistently distinct future investment and financing behaviors. ICFS decreases with initial AI that positively predicts investment style with more R&D intensity and funding policy with more equity than debt. In the growth-type-aligned pattern for external finance, types of asymmetric information matter and growth uncertainty appears to facilitate rather than inhibit equity financing. These findings do not support the notion that informational imperfection typically imposes financial constraints.<\/td>\n<\/tr>\n
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\n13\uff1a05
\n<\/strong>\u8b1b\u6f14
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\u7533\u8fbc\u307f<\/th>\n\u4e8b\u524d\u7533\u3057\u8fbc\u307f\u4e0d\u8981\u3067\u3059\u3002\u76f4\u63a5\u4f1a\u5834\u306b\u304a\u8d8a\u3057\u304f\u3060\u3055\u3044\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

\u9ad8\u7b49\u7814\u7a76\u6240\u30bb\u30df\u30ca\u30fc\u30b7\u30ea\u30fc\u30ba\u3010\u653f\u6cbb\u30fb\u7d4c\u6e08\u30fb\u6cd5\u306e\u8a08\u91cf\u5206\u6790\u3011 Waseda Organizational and Financial Economics Seminar The Sensitivity of Investmen […]<\/p>\n","protected":false},"author":1,"featured_media":2762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24,26,28],"class_list":["post-1157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-events","tag-general","tag-research"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/1157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/comments?post=1157"}],"version-history":[{"count":1,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/1157\/revisions"}],"predecessor-version":[{"id":1158,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/1157\/revisions\/1158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media\/2762"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media?parent=1157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/categories?post=1157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/tags?post=1157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}