Hidden Bibliographic Details
| Other authors / contributors: | Kim, Yungsan.
International Monetary Fund.
IMF Institute.
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| ISBN: | 1282044451
9781282044456
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| Notes: | Includes bibliographical references (pages 38-40).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | 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 to the finding of Kashyap, Lamont, and Stein (1994) that inventory investment is liquidity-constrained during recessions only for firms without bond ratings.
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| Other form: | Print version: Choi, Woon Gyu, 1960- Has inventory investment been liquidity-constrained? [Washington, D.C.] : International Monetary Fund, IMF Institute, ©2001
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