Testing Q theory with financing frictions
By C. Hennessy, Amnon Levy, Toni M. Whited. 2007
314 citations recorded by the source corpus.
Subfields: Accounting, Finance
View Paper: https://www.semanticscholar.org/paper/f7a6d83ac36990e3231259bc1636db140139dcf5
How researchers see this paper
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In Accounting
- Sudheer Chava
- Michael R. Roberts
- Michael Schwert
- Nemit Shroff
- Hans B. Christensen
- Valeri V. Nikolaev
- S. Javadi
- Robert Prilmeier
In Finance
- Sudheer Chava
- Michael R. Roberts
- Michael Schwert
- Nemit Shroff
- Hans B. Christensen
- Valeri V. Nikolaev
- S. Javadi
- Robert Prilmeier
Citations in the corpus
- Financially Constrained Stock Returns (2009, unknown): “To capture this effect, we follow Hennessy, Levy, and Whited (2007) and assume that the saving rate is strictly less than the borrowing rate.”
- How Does Financing Impact Investment? The Role of Debt Covenants (2008, background): “19 We also note that the estimated coefficient for the debt overhang correction term increases in magnitude and statistical significance, reinforcing the insights of Hennessy (2004) and Hennessy et al. (2006) at the point where debt overhang is most likely to be relevant, namely, renegotiation.”
- A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management (2011, unknown): “3 This first-order condition has also been derived in Hennessy, Levy, and Whited (2007) .”
- Investment and Cash Flow: New Evidence (2016, unknown): “The latter finding suggests some complementarity between internal funds and debt, consistent with the multiplier effects discussed by Almeida and Campello (2007) and Hennessy, Levy, and Whited (2007).”
- Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis (2018, unknown): “Hennessy et al. (2007) corroborate large debt overhang effects of long-term debt on investment, especially for firms with high default risk.”