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sources of funding and thus calls for a new theory of short-term finance. …
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penalize poorly performing entrepreneurs by terminating their projects. Based on this tradeoff we develop a theory of financing …
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We examine firms' simultaneous choice of investment, debt financing and liquidity in a large sample of US corporates between 1980 and 2014. We partition the sample according to the firms' financial constraints and their needs to hedge against future shortfalls in operating income. In contrast to...
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