Bankers' screening devices are identified to determine firms' probability of borrowing in the 'formal' segment of the capital market in Pakistan. Incorporating this information, investment functions are estimated using a two stage switching regressions model with endogenous switching. It is concluded that firms that borrow in the 'formal' markets behave according to the flexible accelerator model of investment while non-borrowing firms plough back...
انظر المزيد
تفاصيل
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1986/7/01
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ورقة عمل إدارية
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DRD258
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1
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1
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2013/6/06
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Disclosed
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Investment in segmented capital markets
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normal distribution with mean