Estimating the cash flow sensitivity of cash using measurement error consistent GMM estimator

淡江大學機構典藏 > 商管學院 > 經濟學系暨研究所 > 會議論文 > Item 987654321/24726

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题名:	Estimating the cash flow sensitivity of cash using measurement error consistent GMM estimator
作者:	林亦珍;Lin, Yi-chen
贡献者:	淡江大學經濟學系
关键词:	cash flow sensitivity of cash;financial constraints;measurement error
日期:	2005-05-20
上传时间:	2009-11-30 18:34:29 (UTC+8)
摘要:	The firm’s propensity to save cash out of its internal cash flow has been used to develop a new test for the effects of financial market frictions on firm policies. This paper employs a new, model-based scheme to identify financially constrained firms in the data and applies measurement error-consistent generalized method of moments (GMM) estimators to a large sample of Taiwanese firms. The large discrepancy between the GMM and OLS estimates indicates that the impact of measurement error on inference is substantial. Moreover, both constrained and unconstrained firms display positive cash flow sensitivity of cash, suggesting that Taiwanese managers choose to finance investment with internal cash flow, despite the availability of low cost external funds.
關聯:	Proceedings of The Third NTU International Conference on Economics, Finance and Accounting, 25pages
显示于类别:	[經濟學系暨研究所] 會議論文

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