Bao Cong Nguyen To

The disappearance of investment-cash flow sensitivity under monetary policy surprises: evidence from an emerging market

This paper examines how monetary policy surprises (MPS) affect investment–cash flow sensitivity (ICF) among Vietnamese listed firms during 2010–2023, with a particular focus on ownership-based heterogeneity in monetary policy transmission. Vietnam provides a unique setting due to its bank-based financial system, do...