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Consistent with precautionary savings models, we provide evidence that firms hoard cash in response to an exogenous credit shortage. For identification, we compare public U.S. firms in the same industry, location, and size quintile, but whose access to bank credit was differentially affected...
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The premium for the gross lease relative to the net lease is estimated using a large sample of leasing data for office …
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Gold is an important global reserve asset, widely held by the official sector and private investors. In this paper, we study a measure of the opportunity costs of holding gold, the gold lease rates -- interests paid in gold for borrowing gold. Gold lease rates are economically significant in...
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insight that, though leasing is a critical element of firms' liability, leasing and financial debt have opposite implications …
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