Corporate Financial and Investment Policies when Future Financing is Not Frictionless

By Heitor Almeida, Murillo Campello, Michael S. Weisbach. 2011

356 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/bff4fe92f6e0728c28c4c585c0c9fdc075fc7843

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Citations in the corpus

Financial Flexibility and Capital Structure Decision (2011, neutral): “…safeguard against the inability of constrained firms to obtain funds when valuable opportunities arise (Almeida, Campello, and Weisbach (2004), Almeida et al. (2006) and Faulkender and Petersen (2006)) or when debt payment is due (Acharya, Almeida, and Campello (2007) and Faulkender and…”
From Finance to Marketing: The Impact of Financial Leverage on Customer Satisfaction (2015, neutral): “This in turn moti- From Finance to Marketing / 23 vates firms to keep more cash on hand (Almeida, Campello, and Weisbach 2011).”
Financial Flexibility, Investment Ability, and Firm Value: Evidence from Firms with Spare Debt Capacity (2010, neutral): “This is an important result, and it provides a rationale for many firms’ apparent conservative leverage behavior (Graham, 2000; Minton and Wruck, 2001; Almeida et al., 2009). We also perform a long run performance analysis to test whether these investments are an expression of “empire building,” as ”
Cash holdings and labor heterogeneity:the role of skilled labor (2017, positive): “Second, we examine subsamples of firms that are financially unconstrained as well as those that are financially constrained, for which the precautionary savings motive is most relevant (Almeida, Campello, and Weisbach 2004, 2011).”
Do financial constraints threat the innovation process? Evidence from Portuguese firms (2011, neutral): “Additionally, as pointed by Almeida, Campello, and Weisbach (2011) in a subsequent paper, investment in relatively liquid assets, other than cash, may be used to transfer resources across time (we include financial investments).”
The international zero-leverage phenomenon (2013, neutral): “Almeida et al. (2011) hypothesize that constrained firms hold more cash than unconstrained firms; they suggest that concerns about future financing abilities are a major determinant of cash holdings. Finally, Denis and Sibilkov (2010) report that the value of cash increases with the degree of financ”
An empirical analysis of zero-leverage firms: New evidence from the UK ☆ (2013, neutral): “Note that firms may hoard cash today if they are concerned about future financing constraints (Almeida et al., 2004, 2011); however, this dynamic view focuses on anticipated constraints and is not entirely in line with the above finding that the zero-leverage firms have immediate concerns about…”
Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis (2018, neutral): “(1990), Almeida et al. (2011) and Barnea et al. (1980) for theoretical models of zombie lending.”