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Has Inventory Investment Been Liquidity-Constrained? Evidence from U. S. Panel Data

Has Inventory Investment Been Liquidity-Constrained? Evidence from U. S. Panel Data( )
Author: Kim, Yungsan
Choi, Woon Gyu
Series title:IMF Working Papers
ISBN:978-1-4518-5449-7
Publication Date:Aug 2001
Publisher:International Monetary Fund
Book Format:Paperback
List Price:USD $20.00
Book Description:

Based on an analysis of high-frequency panel data for U.S. firms, this paper finds that inventory investment has been liquidity-constrained in most periods during 1975-97, but less so, or not at all, during recessions. This result can be justified on the grounds that inventory fluctuations are largely attributable to unexpected sales shocks, and that firms increase liquid assets before recessions. Moreover, this results holds irrespective of whether the firm has a bond rating, contrary...
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Book Details
Pages:41
Physical Dimensions (W X L X H):8.5 x 11 x 0.3 Inches
Book Weight:0.262 Pounds



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