New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index

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Charles J. Hadlock; Joshua R. Pierce;
  • Journal: The Review of Financial Studies,volume 23,issue 5,pages1,909-1,940
  • Related identifiers: doi: 10.1093/rfs/hhq009

We collect detailed qualitative information from financial filings to categorize financial constraints for a random sample of firms from 1995 to 2004. Using this categorization, we estimate ordered logit models predicting constraints as a function of different quantitat... View more
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