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Cash holdings and credit risk
Acharya, Viral V. (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003637630
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Moral hazard, collateral and liquidity
Acharya, Viral V. (contributor); Viswanathan, S. (contributor) - 2007
Persistent link: https://www.econbiz.de/10003638333
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Corporate policies with temporary and permanent shocks
Décamps, Jean-Paul; Gryglewicz, S.; Morellec, Erwan; … - 2015
Persistent link: https://www.econbiz.de/10011302255
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Corporate investment, debt and liquidity choices in the light of financial constraints and hedging needs
Bannier, Christina E.; Schürg, Carolin - 2015
We examine firms' simultaneous choice of investment, debt financing and liquidity in a large sample of US corporates between 1980 and 2014. We partition the sample according to the firms' financial constraints and their needs to hedge against future shortfalls in operating income. In contrast to...
Persistent link: https://www.econbiz.de/10011306337
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Cash holdings and bank compensation
Acharya, Viral V.; Mehran, Hamid; Sundaram, Rangarajan K. - In: Economic policy review 22 (2016) 1, pp. 77-83
Persistent link: https://www.econbiz.de/10011558506
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Corporate cash hoarding in a model with liquidity constraints
Mazelis, Falk - 2014
This paper studies the role of uncertainty in the corporate cash hoarding puzzle. The baseline model is a stochastic neoclassical growth model featuring idiosyncratic and uninsurable productivity shocks and a cash-in-advance constraint on new investments on the individual rm level. Individual...
Persistent link: https://www.econbiz.de/10010407290
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Corporate cash hoarding in a model with liquidity constraints : conference paper
Mazelis, Falk - 2014 - Preliminary and incomplete
This paper studies the role of uncertainty in the corporate cash hoarding puzzle. The baseline model is a stochastic neoclassical growth model featuring idiosyncratic and uninsurable technology shocks and a cash-in-advance constraint on new investments on the individual firm level. Individual...
Persistent link: https://www.econbiz.de/10010489898
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Liquidity Mergers
Almeida, Heitor - 2011
We study the interplay between corporate liquidity and asset reallocation opportunities. Our model shows that financially distressed firms are acquired by liquid firms in their industries even when there are no operational synergies associated with the merger. We call these transactions...
Persistent link: https://www.econbiz.de/10013130982
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Cash Holdings and Credit Risk
Acharya, Viral V. - 2011
Intuition suggests that firms with higher cash holdings are safer and should have lower credit spreads. Yet empirically, the correlation between cash and spreads is robustly positive and higher for lower credit ratings. This puzzling finding can be explained by the precautionary motive for...
Persistent link: https://www.econbiz.de/10013125920
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A Theory of Operational Cash Holding, Endogenous Financial Constraints and Credit Rationing
Kling, Gerhard - 2013
The paper develops a theory of operational cash holding considering short-term liquidity shocks due to uncertain net … constraints endogenous. Debt holders have an incentive to impose constraints to force firms to hold cash. The theory shows that … credit rationing can occur in the absence of market frictions. The paper illustrates the theory using US data from 1989 to …
Persistent link: https://www.econbiz.de/10013093785