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"We argue that a firm's aggregate risk is a key determinant of whether it manages its future liquidity needs through cash reserves or bank lines of credit. Banks create liquidity for firms by pooling their idiosyncratic risks. As a result, firms with high aggregate risk find it costly to get...
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stay on debt and collateral collection that applies to virtually all other claims. We propose a simple corporate finance …
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disadvantage for partnerships was offset by their ability to finance larger and longer-horizon entrepreneurial ventures …
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default; ii) they can choose to raise finance through bank loans or corporate bonds; and iii) banks are more efficient than … finance between the US and the euro area. We suggest an explanation of those differences based on information availability …
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