ABSTRACT. Fuss and Vermeulen examine whether firms experience stronger financial constraints in periods of adverse cash flows shocks, analyse directly the restoration of liquidity after an adverse cash flow shock, and investigate the determinants of the probability of obtaining extra bank debt. Gilchrist et al. develop a simple model of firm behavior when investors with heterogeneous beliefs face short-selling constraints in the equity market. Baum et al. state that any attempt to evaluate the effects of uncertainty on the firm investment behavior requires specification of a measure of risk.



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