market competition and corporate cash holdings, using a new composite measure of competition that complements existing … accounting data-based construction facilitates the computation of competition for non-U.S. firms.The positive association between … competition and liquidity is influenced by various firm- and country-level factors. Specifically, competition-driven cash …

Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial … corporate hedging: equity value maximising strategies and strategies determined by managerial risk aversion. The first category … distress and costs of external finance or to replace home-made hedging by shareholders. The second category considers that …