06325oam 22016094 450 991096991080332120250426110124.09781475512946147551294597814755542741475554273(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)WPIEA2012097WPIEA2012097(EXLCZ)99255000000010624320020129d2012 uf 0engurcn|||||||||txtccrAsymmetric Effects of the Financial Crisis : Collateral-Based Investment-Cash Flow Sensitivity Analysis /Vadim Khramov1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (29 p.)IMF Working PapersDescription based upon print version of record.9781475582482 147558248X 9781475502879 1475502877 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, 2008-2009AccountingimfBanksimfCapacityimfCapital BudgetingimfCapitalimfCollateralimfCurrenciesimfDepository InstitutionsimfEconomic & financial crises & disastersimfFinanceimfFinance, PublicimfFinancial CrisesimfFinancial crisesimfFinancial institutionsimfFinancial reporting, financial statementsimfFinancial Risk ManagementimfFinancial statementsimfFixed Investment and Inventory StudiesimfGlobal financial crisis of 2008-2009imfGlobal Financial Crisis, 2008-2009imfGovernment and the Monetary SystemimfIndustries: Financial ServicesimfIntangible CapitalimfInvestmentimfLoansimfMacroeconomicsimfMicro Finance InstitutionsimfMonetary economicsimfMonetary SystemsimfMoney and Monetary PolicyimfMoneyimfMortgagesimfPayment SystemsimfPublic AdministrationimfPublic financial management (PFM)imfPublic Sector Accounting and AuditsimfRegimesimfStandardsimfUnited StatesimfInvestmentsEconometric models.Cash flowEconometric models.Global Financial Crisis, 2008-2009.AccountingBanksCapacityCapital BudgetingCapitalCollateralCurrenciesDepository InstitutionsEconomic & financial crises & disastersFinanceFinance, PublicFinancial CrisesFinancial crisesFinancial institutionsFinancial reporting, financial statementsFinancial Risk ManagementFinancial statementsFixed Investment and Inventory StudiesGlobal financial crisis of 2008-2009Global Financial Crisis, 2008-2009Government and the Monetary SystemIndustries: Financial ServicesIntangible CapitalInvestmentLoansMacroeconomicsMicro Finance InstitutionsMonetary economicsMonetary SystemsMoney and Monetary PolicyMoneyMortgagesPayment SystemsPublic AdministrationPublic financial management (PFM)Public Sector Accounting and AuditsRegimesStandards332.6Khramov Vadim1815873DcWaIMFBOOK9910969910803321Asymmetric Effects of the Financial Crisis4371479UNINA