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- W2007163798 abstract "This study analyses the investment decision of 497 Brazilian firms during a period of unstable macroeconomic conditions. The role of financial constraints is considered in a Bayesian econometric model. We estimate three different models, and the results indicate the presence of financial restrictions, especially for capital-intensive firms. The recursive predictive density criterion indicates that the most preferred model is the one in which firm-specific effects are correlated with cash-flow. Financial restrictions are more important for capital-intensive firms, probably due to their lower profitability indexes, higher fixed costs and higher degree of property diversification." @default.
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- W2007163798 date "2009-08-01" @default.
- W2007163798 modified "2023-09-27" @default.
- W2007163798 title "Investment decisions in troubled times: A Bayesian approach applied to Brazilian firms" @default.
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- W2007163798 doi "https://doi.org/10.1016/j.ijpe.2009.04.009" @default.
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