Corporate Investment, Asymmetric Information and Agency Costs in the UK

PCT No. PCT/EP96/01055 Sec. 371 Date Nov. 12, 1996 Sec. 102(e) Date Nov. 12, 1996 PCT Filed Mar. 13, 1996 PCT Pub. No. WO96/28341 PCT Pub. Date Sep. 19, 1996A flexible hyperbaric chamber includes a flexible air tight fabric vessel equipped with one opening at one or each end. A mobile door is provided for closing the fabric vessel. A metallic shield is provided adjacent to the opening outside the fabric vessel, the metallic shield defines a support into which the mobile door latches. A metallic collar is provided adjacent to the opening inside the fabric vessel. The metallic shield and the metallic collar cooperate to define a vice device for holding fabric of the fabric vessel. The fabric of the flexible fabric vessel is inserted into the vice device and this is tightened by a series of bolts with a predetermined torque. A flexible containment cage made by flat textile straps is provided. The straps are arranged in a discrete number of radial rings and a discrete number of longitudinal members, each intersection of radial rings and longitudinal members being fixed together to guarantee the consistency of the geometry of the cage. The flexible vessel equipped with the metallic shield and the metallic collar is inserted and contained within the cage.

[1]  J. Sargan.  THE ESTIMATION OF ECONOMIC RELATIONSHIPS USING INSTRUMENTAL VARIABLES , 1958 .

[2]  Andrew B. Abel,et al.  Investment and Sales: Some Empirical Evidence , 1986 .

[3]  Cheng Hsiao,et al.  Analysis of Panel Data , 1987 .

[4]  Stephen D. Oliner,et al.  New and Old Models of Business Investment: A Comparison of Forecasting Performance , 1995 .

[5]  D. Scharfstein,et al.  Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups , 1991 .

[6]  M. Arellano,et al.  Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations , 1991 .

[7]  Jan Tinbergen,et al.  Statistical Testing of Business-Cycle Theories. I. A Method and its Application to Investment Activity. , 1940, The Mathematical Gazette.

[8]  M. Lasfer,et al.  Do occupational pension funds monitor companies in which they hold large stakes , 2000 .

[9]  S. Kaplan,et al.  Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? , 1997 .

[10]  D. Jorgenson.  Capital Theory and Investment Behavior , 1963 .

[11]  K. Gugler.  Investment Spending in Austria: Asymmetric Information Versus Managerial Discretion , 1997 .

[12]  L. Klein.  Studies in Investment Behavior , 1951 .

[13]  G. Stapledon.  Institutional Shareholders and Corporate Governance , 1996 .

[14]  Stephen C. Vogt.  The Cash Flow/investment Relationship: Evidence from U.S. Manufacturing Firms , 1994 .

[15]  Steven M. Fazzari,et al.  Working Capital and Fixed Investment: New Evidence on Financing Constraints , 1993 .

[16]  Fumio Hayashi,et al.  TOBIN'S MARGINAL q AND AVERAGE q: A NEOCLASSICAL INTERPRETATION , 1982 .

[17]  A. Shleifer,et al.  A Survey of Corporate Governance , 1996 .

[18]  C. Mallin.  The Voting Framework: A Comparative Study of Voting Behaviour of Institutional Investors in the U.S. and the U.K. , 1996 .

[19]  R. Blundell,et al.  Initial Conditions and Moment Restrictions in Dynamic Panel Data Models , 1998 .

[20]  Merton H. Miller.  The Cost of Capital, Corporation Finance and the Theory of Investment , 1958 .

[21]  Huntley Schaller,et al.  Why does liquidity matter in investment equations , 1995 .

[22]  C. Meghir,et al.  Financial constraints and company investment , 1994 .

[23]  Costas Meghir,et al.  Dynamic Investment Models and the Firm's Financial Policy , 1994 .

[24]  C. Mallin.  Financial Institutions and their Relations with Corporate Boards , 1999 .

[25]  George A. Akerlof.  The Market for “Lemons”: Quality Uncertainty and the Market Mechanism , 1970 .

[26]  H. Degryse,et al.  Investment Spending in the Netherlands: The Impact of Liquidity and Corporate Governance , 2000 .

[27]  Myeong-Hyeon Cho,et al.  Ownership structure, investment, and the corporate value: an empirical analysis , 1998 .

[28]  Charles J. Hadlock.  Ownership, Liquidity, and Investment , 1998 .

[29]  David W. Wilcox,et al.  Some Evidence on Finite Sample Behavior of an Instrumental Variables Estimator of the Linear Quadtratic Inventory Model , 1993 .

[30]  P. Kadapakkam,et al.  The impact of cash flows and firm size on investment: The international evidence , 1998 .

[31]  Andrew B. Abel,et al.  Consumption and Investment , 1988 .

[32]  D. Mueller,et al.  Investment and cash flow: Asymmetric information or managerial discretion , 1995 .

[33]  Robert E. Carpenter.  Finance constraints or free cash flow? , 1995 .

[34]  W. Sean Cleary,et al.  The Relationship between Firm Investment and Financial Status , 1999 .

[35]  Steven M. Fazzari,et al.  Financing Constraints and Corporate Investment , 1987 .

[36]  Luc Renneboog,et al.  Strong Managers and Passive Institutional Investors in the UK , 1998 .

[37]  M. C. Jensen,et al.  Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers , 1999 .