Lins, Karl V.; Servaes, Henri; Tufano, Peter - In: Journal of Financial Economics 98 (2010) 1, pp. 160-176
We survey chief financial officers from 29 countries to examine whether and why firms use lines of credit versus non-operational (excess) cash for their corporate liquidity. We find that these two liquidity sources are employed to hedge against different risks. Non-operational cash guards...