Has inventory investment been liquidity-constrained? : evidence from U.S. panel data /
Saved in:
Author / Creator: | Choi, Woon Gyu, 1960- |
---|---|
Imprint: | [Washington, D.C.] : International Monetary Fund, IMF Institute, ©2001. |
Description: | 1 online resource (40 pages) : illustrations |
Language: | English |
Series: | IMF working paper ; WP/01/122 IMF working paper ; WP/01/122. |
Subject: | |
Format: | E-Resource Book |
URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12497027 |
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. |
---|---|
Physical Description: | 1 online resource (40 pages) : illustrations |
Format: | 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. |
Bibliography: | Includes bibliographical references (pages 38-40). |
ISBN: | 1282044451 9781282044456 |