alter the standard real options results, with the financial flexibility conferred by internal funds acting as a complement …, and at times as a substitute, to the real flexibility given by the optimal timing of investment. We show that: 1) the … be convex in liquidity) due to the interaction between financial and real (growth/abandonment) flexibility; 3) with …

We use the COVID shock to study the direct and interactive effects of several forms of corporate flexibility on short …- and long-term real business plans. We find that i) workplace flexibility, namely the ability for employees to work … remotely, plays a central role in determining firms' employment plans during the health crisis; ii) investment flexibility …

seeks to preserve its financial flexibility by prudently managing its leverage and investment. Paradoxically, it is the high …

flexibility is mainly driven by movers and short tenure workers. The cross-country comparison suggests that the relatively high …

, Chile and Colombia are more flexible than Mexico and Venezuela. The difference in flexibility among these economies is …, especially when accumulated shocks are substantial. We also study the path of flexibility in Chile and show that it declined in …