01682cas a2200241 a 4500 AALejournalIMF011808 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475502879 1018-5941 BD-DhAAL BD-DhAAL Khramov, Vadim. Asymmetric Effects of the Financial Crisis : Collateral-Based Investment-Cash Flow Sensitivity Analysis / Vadim Khramov. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm's assets that can be used as collateral should be taken into account. Using panel data on U.S. firms from 1990 to 2011, it was found that the share of physical capital in assets has a strong influence on investment-cash flow sensitivity, which decreased substantially after the crisis when banks changed their expectations about the value of assets on firms' balance sheets. This paper deepens our understanding of firms' investment behavior. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2012/097 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/097/001.2012.issue-097-en.xml IMF e-Library