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 …, firms with high aggregate risk find it costly to get credit lines from banks and opt for cash reserves in spite of higher … robust to variation in the proxies for firms' exposure to aggregate risk and availability of credit lines; works at the firm …