The thesis is articulated around three theoretical corporate finance research articles. All articles model intertwined and important corporate decisions and have in common the modeling of cash policy: Each article presents a new cash model. The articles are: "Managerial compensation, outside...

Why are downturns following episodes of high valuations of firms so severe and long? Why do firms take on high debt when they anticipate high valuations, and underperform subsequently? In this paper, we propose a theory of financing cycles where the control rights to enforce claims in an asset...

Why do firms choose high debt when they anticipate high valuations, and underperform subsequently? We propose a theory of financing cycles where the importance of creditors' control rights over cash flows (“pledgeability”) varies with industry liquidity. The market allows firms take on more...

Bank insolvency and failure -- Basic concepts in finance -- Behavioral finance -- Business finance -- Capital markets -- Cash & marketable securities -- Cash flow -- Common stock -- Corporate finance -- Corporate financial management -- Corporate financial strategy -- Debt valuation --...