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Aggregate risk and the choice between cash and lines of credit
Acharya, Viral V.; Almeida, Heitor; Campello, Murillo - 2010
"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...
Persistent link: https://www.econbiz.de/10003983591
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Aggregate risk and the choice between cash andn lines of credit
Acharya, Viral V.; Almeida, Heitor; Campello, Murillo - 2012
Persistent link: https://www.econbiz.de/10009526530
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Intrinsic risk measures
Farkas, Walter; Smirnow, Alexander - 2016 - First version: October 26, 2016
Monetary risk measures classify a financial position by the minimal amount of external capital that must be added to the position to make it acceptable.We propose a new concept: intrinsic risk measures. The definition via external capital is avoided and only internal resources appear. An...
Persistent link: https://www.econbiz.de/10011620033
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Corporate policies with permanent and transitory shocks
Décamps, Jean-Paul; Gryglewicz, Sebastian; Morellec, Erwan - 2016
We model the financing, cash holdings, and hedging policies of a firm facing financing frictions and subject to permanent and transitory cash flow shocks. We show that permanent and transitory shocks generate distinct, sometimes opposite, effects on corporate policies and use the model to...
Persistent link: https://www.econbiz.de/10011519080
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Should derivatives be privileged in bankruptcy?
Bolton, Patrick; Oehmke, Martin - 2011
stay on debt and collateral collection that applies to virtually all other claims. We propose a simple corporate finance …
Persistent link: https://www.econbiz.de/10009408758
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Corporate policies with permananet and temorary shocks
Décamps, Jean-Paul; Gryglewicz, Sebastian; Morellec, Erwan - 2015
Persistent link: https://www.econbiz.de/10010495455
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Market timing, investment, and risk management
Bolton, Patrick; Chen, Hui; Wang, Neng - 2011
Persistent link: https://www.econbiz.de/10008933023
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Efficiency or resiliency? : corporate choice between financial and operational hedging
Acharya, Viral V.; Almeida, Heitor; Amihud, Yakov; Liu, Ping - 2021
Persistent link: https://www.econbiz.de/10012490383
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Alternative financing instruments for SMEs and entrepreneurs : the case of mezzanine finance
Cusmano, Lucia; Thompson, John - 2018
OECD governments have long assigned a high priority to improving conditions for access to finance for new, innovative … mezzanine finance for addressing diverse financing needs of SMEs and entrepreneurs, highlighting the advantages and costs in … cycle – for which mezzanine finance is best suited and the ways in which it is used to finance SMEs, comments on the …
Persistent link: https://www.econbiz.de/10011876994
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The Debt-Inflation Channel of the German Hyperinflation
Brunnermeier, Markus Konrad; Correia, Sergio A.; Luck, … - National Bureau of Economic Research - 2023
This paper studies how a large increase in the price level is transmitted to the real economy through firm balance sheets. Using newly digitized macro- and micro-level data from the German inflation of 1919-1923, we show that inflation led to a large reduction in real debt burdens and...
Persistent link: https://www.econbiz.de/10014322686