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The internal governance of firms
Acharya, Viral V.; Myers, Stewart C.; Rajan, Raghuram Govind - 2009
"We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. Internal governance can mitigate agency problems and ensure that firms have substantial value, even with little or no external governance by...
Persistent link: https://www.econbiz.de/10003913453
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Cash holdings and credit risk
Acharya, Viral V.; Davydenko, Sergei A.; Strebulaev, Ilya A. - 2011
liquidity may be related positively to the longer-term probability of default. Our empirical analysis confirms these predictions …
Persistent link: https://www.econbiz.de/10009009580
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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 … opportunity costs and liquidity premium. We verify our model's hypothesis empirically by showing that firms with high asset beta …
Persistent link: https://www.econbiz.de/10003983591
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Is cash negative debt? : A hedging perspective on corporate financial policies
Acharya, Viral V.; Almeida, Heitor; Campello, Murillo - 2005
Persistent link: https://www.econbiz.de/10002923560