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dc.contributor.authorJohansen, Frode
dc.coverage.spatialNorwaynb_NO
dc.date.accessioned2019-11-26T11:50:37Z
dc.date.available2019-11-26T11:50:37Z
dc.date.issued1994-02
dc.identifier.issn0809-733X
dc.identifier.urihttp://hdl.handle.net/11250/2630496
dc.description.abstractThis paper investigates the relationship between a firm's investment decision and its financial situation. We present a model of investment, where the cost of external finance is increasing in the debt ratio. The model is estimated using a panel of Norwegian manufacturing establishments for the period 1977-1990. The empirical analysis finds a positive relationship between a firm's debt ratio and its marginal return to capital. This indicates that firms with high debt ratios have higher costs of finance than other firms. Including convex adjustment costs in the model did not change this result, as the size of the adjustment costs was found to be very small.nb_NO
dc.description.sponsorshipNorges forskningsrådnb_NO
dc.language.isoengnb_NO
dc.publisherStatistisk sentralbyrånb_NO
dc.relation.ispartofseriesDiscussion papers;109
dc.subjectJEL classification: E22nb_NO
dc.subjectJEL classification: G31nb_NO
dc.subjectJEL classification: G32nb_NO
dc.titleInvestment and Financial Constraints. An Empirical Analysis of Norwegian Firmsnb_NO
dc.typeWorking papernb_NO
dc.description.versionpublishedVersionnb_NO
dc.subject.nsiVDP::Matematikk og Naturvitenskap: 400::Matematikk: 410::Statistikk: 412nb_NO
dc.source.pagenumber34nb_NO


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