Gateway to Think Tanks
来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP8278 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。