06144oam 22015254 450 991077921700332120230802005413.01-4755-1294-51-4755-5427-3(CKB)2550000000106243(EBL)1606684(SSID)ssj0000941516(PQKBManifestationID)11525499(PQKBTitleCode)TC0000941516(PQKBWorkID)10963643(PQKB)10962659(MiAaPQ)EBC1606684(Au-PeEL)EBL1606684(CaPaEBR)ebr10566413(OCoLC)870244988(IMF)WPIEE2012097(IMF)WPIEA2012097(EXLCZ)99255000000010624320020129d2012 uf 0engurcn|||||||||txtccrAsymmetric Effects of the Financial Crisis : Collateral-Based Investment-Cash Flow Sensitivity Analysis /Vadim KhramovWashington, D.C. :International Monetary Fund,2012.1 online resource (29 p.)IMF Working PapersDescription based upon print version of record.1-4755-8248-X 1-4755-0287-7 Includes bibliographical references.Cover; Asymmetric Effects of the Financial Crisis: Collateral-Based Investment-Cash Flow Sensitivity Analysis; 1. INTRODUCTION; 2. MODEL; 3. EMPIRICAL APPROACH; Tables; TABLE I. Dynamics of the main variables. U.S. firms, 1990Q1-2011Q2.; TABLE II. Distribution of U.S. firms by assets, 1990-2011; 4. ESTIMATION RESULTS; TABLE III. Estimation results of investment-cash flow sensitivity with the capital, 1990:Q1-2011Q1.; TABLE IV. GMM-IV ESTIMATION RESULTS; TABLE V. IV ESTIMATION RESULTS; TABLE VI. FE MODEL ESTIMATION RESULTS; TABLE VII. RE MODEL ESTIMATION RESULTS; 5. CONCLUSIONS; REFERENCESAppendixGMM-FD MODEL ESTIMATION RESULTS; BETWEEN MODEL ESTIMATION RESULTSThis paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm's assets that can be used as collateral should be taken into account. Using panel data on U.S. firms from 1990 to 2011, it was found that the share of physical capital in assets has a strong influence on investment-cash flow sensitivity, which decreased substantially after the crisis when banks changed their expectations about the value of assets on firms' balance sheets. This paper deepens our understanding of firms' investment behavior.IMF Working Papers; Working Paper ;No. 2012/097InvestmentsEconometric modelsCash flowEconometric modelsGlobal Financial Crisis, 2008-2009AccountingimfFinancial Risk ManagementimfMacroeconomicsimfMoney and Monetary PolicyimfIndustries: Financial ServicesimfCapital BudgetingimfFixed Investment and Inventory StudiesimfInvestmentimfCapitalimfIntangible CapitalimfCapacityimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfFinancial CrisesimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfPublic AdministrationimfPublic Sector Accounting and AuditsimfMonetary economicsimfEconomic & financial crises & disastersimfFinanceimfFinancial reporting, financial statementsimfCurrenciesimfFinancial crisesimfCollateralimfGlobal financial crisis of 2008-2009imfFinancial statementsimfMoneyimfFinancial institutionsimfPublic financial management (PFM)imfLoansimfGlobal Financial Crisis, 2008-2009imfFinance, PublicimfUnited StatesimfInvestmentsEconometric models.Cash flowEconometric models.Global Financial Crisis, 2008-2009.AccountingFinancial Risk ManagementMacroeconomicsMoney and Monetary PolicyIndustries: Financial ServicesCapital BudgetingFixed Investment and Inventory StudiesInvestmentCapitalIntangible CapitalCapacityMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsFinancial CrisesBanksDepository InstitutionsMicro Finance InstitutionsMortgagesPublic AdministrationPublic Sector Accounting and AuditsMonetary economicsEconomic & financial crises & disastersFinanceFinancial reporting, financial statementsCurrenciesFinancial crisesCollateralGlobal financial crisis of 2008-2009Financial statementsMoneyFinancial institutionsPublic financial management (PFM)LoansGlobal Financial Crisis, 2008-2009Finance, PublicKhramov Vadim1518532DcWaIMFBOOK9910779217003321Asymmetric Effects of the Financial Crisis3756122UNINA