over faster than domestic assets because the former have desirable liquidity properties, but represent inferior saving …

We propose and test a theory of corporate liquidity management in which credit lines provided by banks to firms are a …-seeking behavior by firms. Firms with high liquidity risk are likely to use cash rather than credit lines for liquidity management … because the cost of monitored liquidity insurance increases with liquidity risk. We exploit a quasi-experiment around the …

himself trapped and forced to remain in that position because of a lack of liquidity. What are the asset-pricing implications …. Polarization causes the usual risk-return tradeo. to break down and an asset's price may have more to do with the demographics of …

and conditional heteroskedasticity of exchange rates and on the behavior of foreign exchange risk premiums. The model …

risk factor, in addition to aggregate consumption growth risk. This liquidity risk is created by binding solvency … idiosyncratic income risk. These agents can trade a complete menu of contingent claims, but they cannot commit and shares in a Lucas … negative liquidity shock when this growth rate is high and a large fraction of agents faces severely binding solvency …

implications of the theory. It shows that government may be able to boost aggregate liquidity and enhance economic efficiency by …The intertemporal CAPM predicts that an asset's price is equal to the expectation of the product of the asset's payoff … and financial corporations' desire to hoard liquidity to fulfill future cash needs. Our corporate finance a determinants …

faced by arbitrageurs can prevent them from eliminating mispricings and providing liquidity to other investors. Research in … faced by arbitrageurs: (i) risk, both fundamental and non-fundamental, (ii) short-selling costs, (iii) leverage and margin …

are positively related to credit risk, resulting in a positive correlation between cash and spreads. In contrast, spreads … are negatively related to the "exogenous'' component of cash holdings that is independent of credit risk factors … liquidity may be related positively to the longer-term probability of default. Our empirical analysis confirms these predictions …

liquidity providers (sinks) when market valuations are high (low). Venture cash flows and performance are considerably more …