G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8278
DP8278 The marginal value of cash, cash flow sensitivities, and bank-finance shocks in nonlisted firms
Bent E Sørensen; Charlotte Ostergaard; Amir Sasson
发表日期2011-02-28
出版年2011
语种英语
摘要We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external finance on the margin. Linking firms to their main bank, we find that shocks to bank finance affect firms' trade-offs and have real effects in high-MVC firms, making investment more sensitive to firm cash flow. Our analysis suggests that shocks to external financing costs are transmitted to the real economy via firms' marginal value of cash.
主题Financial Economics ; International Macroeconomics
关键词Bank lending channel Cash flow trade-offs Cash holdings External financing costs Nonlisted firms
URLhttps://cepr.org/publications/dp8278
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/537115
推荐引用方式
GB/T 7714
Bent E Sørensen,Charlotte Ostergaard,Amir Sasson. DP8278 The marginal value of cash, cash flow sensitivities, and bank-finance shocks in nonlisted firms. 2011.
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