Ownership, Liquidity, and Investment
发现内部人持股比例与投资对现金流的敏感性之间存在非线性关系，认为信息不对称问题而非自由现金流问题导致了投资对现金流的敏感性。
This article documents a nonlinear relationship between insider shareholdings and the sensitivity of a firm's investment to its cash flow. As insider holdings increase from zero, investment-cash flow sensitivities rise sharply. This relationship weakens at higher levels of insider ownership, and I find some evidence that investment-cash flow sensitivities decrease slowly with insider holdings after a certain point. I argue that these results are inconsistent with the hypothesis that free-cash-flow problems cause the widely noted sensitivity of investment to cash flow. The results are consistent with the presence of asymmetric-information problems in the capital markets that are heightened when managers have a strong incentive to maximize shareholder returns.