LEADER 06186oam 22015494 450 001 9910806818403321 005 20200520144314.0 010 $a1-4755-1294-5 010 $a1-4755-5427-3 035 $a(CKB)2550000000106243 035 $a(EBL)1606684 035 $a(SSID)ssj0000941516 035 $a(PQKBManifestationID)11525499 035 $a(PQKBTitleCode)TC0000941516 035 $a(PQKBWorkID)10963643 035 $a(PQKB)10962659 035 $a(MiAaPQ)EBC1606684 035 $a(Au-PeEL)EBL1606684 035 $a(CaPaEBR)ebr10566413 035 $a(OCoLC)870244988 035 $a(IMF)WPIEE2012097 035 $a(IMF)WPIEA2012097 035 $a(EXLCZ)992550000000106243 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aAsymmetric Effects of the Financial Crisis : $eCollateral-Based Investment-Cash Flow Sensitivity Analysis /$fVadim Khramov 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (29 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-8248-X 311 $a1-4755-0287-7 320 $aIncludes bibliographical references. 327 $aCover; 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; REFERENCES 327 $aAppendixGMM-FD MODEL ESTIMATION RESULTS; BETWEEN MODEL ESTIMATION RESULTS 330 3 $aThis paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm's assets that can be used as collateral should be taken into account. Using panel data on U.S. firms from 1990 to 2011, it was found that the share of physical capital in assets has a strong influence on investment-cash flow sensitivity, which decreased substantially after the crisis when banks changed their expectations about the value of assets on firms' balance sheets. This paper deepens our understanding of firms' investment behavior. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/097 606 $aInvestments$xEconometric models 606 $aCash flow$xEconometric models 606 $aGlobal Financial Crisis, 2008-2009 606 $aAccounting$2imf 606 $aBanks$2imf 606 $aCapacity$2imf 606 $aCapital Budgeting$2imf 606 $aCapital$2imf 606 $aCollateral$2imf 606 $aCurrencies$2imf 606 $aDepository Institutions$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aFinance$2imf 606 $aFinance, Public$2imf 606 $aFinancial Crises$2imf 606 $aFinancial crises$2imf 606 $aFinancial institutions$2imf 606 $aFinancial reporting, financial statements$2imf 606 $aFinancial Risk Management$2imf 606 $aFinancial statements$2imf 606 $aFixed Investment and Inventory Studies$2imf 606 $aGlobal financial crisis of 2008-2009$2imf 606 $aGlobal Financial Crisis, 2008-2009$2imf 606 $aGovernment and the Monetary System$2imf 606 $aIndustries: Financial Services$2imf 606 $aIntangible Capital$2imf 606 $aInvestment$2imf 606 $aLoans$2imf 606 $aMacroeconomics$2imf 606 $aMicro Finance Institutions$2imf 606 $aMonetary economics$2imf 606 $aMonetary Systems$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMoney$2imf 606 $aMortgages$2imf 606 $aPayment Systems$2imf 606 $aPublic Administration$2imf 606 $aPublic financial management (PFM)$2imf 606 $aPublic Sector Accounting and Audits$2imf 606 $aRegimes$2imf 606 $aStandards$2imf 607 $aUnited States$2imf 615 0$aInvestments$xEconometric models. 615 0$aCash flow$xEconometric models. 615 0$aGlobal Financial Crisis, 2008-2009. 615 7$aAccounting 615 7$aBanks 615 7$aCapacity 615 7$aCapital Budgeting 615 7$aCapital 615 7$aCollateral 615 7$aCurrencies 615 7$aDepository Institutions 615 7$aEconomic & financial crises & disasters 615 7$aFinance 615 7$aFinance, Public 615 7$aFinancial Crises 615 7$aFinancial crises 615 7$aFinancial institutions 615 7$aFinancial reporting, financial statements 615 7$aFinancial Risk Management 615 7$aFinancial statements 615 7$aFixed Investment and Inventory Studies 615 7$aGlobal financial crisis of 2008-2009 615 7$aGlobal Financial Crisis, 2008-2009 615 7$aGovernment and the Monetary System 615 7$aIndustries: Financial Services 615 7$aIntangible Capital 615 7$aInvestment 615 7$aLoans 615 7$aMacroeconomics 615 7$aMicro Finance Institutions 615 7$aMonetary economics 615 7$aMonetary Systems 615 7$aMoney and Monetary Policy 615 7$aMoney 615 7$aMortgages 615 7$aPayment Systems 615 7$aPublic Administration 615 7$aPublic financial management (PFM) 615 7$aPublic Sector Accounting and Audits 615 7$aRegimes 615 7$aStandards 676 $a332.6 700 $aKhramov$b Vadim$01713890 801 0$bDcWaIMF 906 $aBOOK 912 $a9910806818403321 996 $aAsymmetric Effects of the Financial Crisis$94107223 997 $aUNINA