ABSTRACT. Baum et al. investigate the empirical linkages between firms' capital investment behavior and three forms of uncertainty. Fuss and Vermeulen contend that multiple bank relationships should be costly as banks need to somehow charge the firm for the information gathering, screening and monitoring, in the credit process. Almeida and Carneiro use a census of large manufacturing firms in Portugal between 1995 and 1999 with detailed information on investments in training, its costs, and several firm characteristics. Adam and Goyal note that leverage itself is a function of investment opportunities; current earnings proxy for cash flows received from assets in place.



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