Financing constraints, corporate diversification, and stock market anomalies [Elektronische Ressource] : the European case / submitted by: Rozália Pál

Financing Constraints, Corporate Diversification, and Stock Market Anomalies: The European Case A thesis submitted to the Westfälischen Wilhelms-University Münster for the degree of Ph.D. in the Faculty of Economics Inauguraldissertation zur Erlangung des akademischen Grades eines Doktors der Wirtschaftswissenschaft durch die Wirtschaftswissenschaftliche Fakultät der Westfälischen Wilhelms-Universität Münster Submitted by: Rozália Pál Dekan: Prof. Dr. Wolfgang Berens 1. Gutachter: Prof. Dr. Martin T. Bohl 2. Gutachter: Prof. Dr. Mark Trede Tag der Disputation: 30. 01. 2007 ONTENT 1 INTRODUCTION.................................................................................................................... 3 2 FINANCING CONSTRAINTS AND FIRMS’ CASH POLICY IN THE EURO AREA ...................................................................................................................................................... 9 2.1 Motivation and literature overview on financing constraints................................................ 9 2.2 Data description................................................................................................................... 12 2.3 ACW’s cash flow sensitivity of cash; the case of euro-area firms...................................... 13 2.4 Financing constraints and the cash policy ...........................................................................