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RISS 인기검색어
- 검색키워드
- 저자 : Daniel X. Jiang (검색결과 2 건)
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Investment Financing of Organizational Capital
Daniel X. Jiang,Miao Luo,Jun Cai 한국증권학회 2016 Asia-Pacific Journal of Financial Studies Vol.45 No.3
We identify that the cost of external capital and the frontier technology (FT) shock level are two important factors affecting external capital supply. We explore how they interact to affect the investment financing of organizational capital (OC). We show that the FT shock level has experienced a dramatic change from being counter-cyclical before 1991 to pro-cyclical after 1991. This structural break alters the OC investment sensitivities during the two sub-periods. We find that the OC investment-cash flow sensitivity is low and the OC investment-q sensi- tivity is high only when the cost of external capital is low and the FT shock level is simulta- neously high. These patterns are mainly driven by financially constrained firms. In addition, our empirical findings suggest that OC investments made during recessions when the FT shock level is also low generate higher productivity than in other conditions.
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Investor Sentiment, Product Features, and Advertising Investment Sensitivities
Miao Luo,Daniel X. Jiang,Jun Cai 한국증권학회 2014 Asia-Pacific Journal of Financial Studies Vol.43 No.6
Investor sentiment plays an important role, affecting firm level advertising expenditures. Weprovide evidence that financially constrained firms exhibit lower advertising investment-cashflow sensitivity and higher advertising investment-q sensitivity during high sentiment periods. The patterns are driven mainly by those firms facing financial constraints. More importantly, weidentify several product features that also affect advertising investment sensitivities. Sorting onproduct features generates investment sensitivities that closely resemble those of sorting onfinancial constraint measures. We design empirical analyses to provide clean tests of the cost-of-external-financing-based and product-feature-based explanations underlying the variation inadvertising investment sensitivities.
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