{'fraction_non_alphanumeric': 0.018543046357615896, 'fraction_numerical': 0.0, 'mean_word_length': 5.631578947368421, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Liquidity, Specific Assets and Investment

Abstract This work studies the investment behavior of Spanish firms through a dynamic model where the investment is explained with financial characteristics such as, liquidity, bankruptcy costs, tax shield and specific assets of the firms. Theoretical and empirical approaches analyze the effects of information problems in capital markets on both, financial structure and investment. This study follows previous works and imposes a simpler assumption than the hypothesis of asymmetric information. In particular, the existence of bankruptcy direct cost has been assumed, specific assets and tax shield. We find a negative relationship between liquidity and remaining value of assets (in the case of bankruptcy).