firms' operational and investment policies, its implications on firm cash holdings remain unclear. Using a GARCH-model based … methodology, we construct novel, forward-looking measures of firms' exposure to systematic uncertainty through firms' future cash … needs and their costs of external financing. We find that systematic uncertainty increases firm cash holdings through both …

how each impacts the aggregate cash holdings of US firms. Our baseline structural vector autoregression model shows that … increase in aggregate corporate cash-to-total assets after five and eight quarters, respectively. The baseline result also … aggregate corporate cash holdings, with a shock tending to raise cash holdings under normal financial conditions and lower cash …

-emitting industries. This research analyzes the impact of Paris Agreement ratification on the debt financing decisions of publicly listed …, firms in high-emitting industries have leverage and financial leverage that are an average of 1.8% and 4.2% lower …

How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper …

-term defaultable debt and stochastic volatility. These features lead to significantly lower leverage and higher default probabilities …