Jankensgård, Håkan; Andrén, Niclas - Knut Wicksells centrum för finansvetenskap, … - 2013
sudden abundance of liquidity implied for the investment-cash flow relationship, the interpretation of which continues to … constrained in this period. For large and financially unconstrained firms, however, the investment-cash flow sensitivity increases … over time, suggesting that this relationship is driven by agency problems related to free cash flow. Our analysis …