| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10420 |
| DP10420 Corporate policies with permanent and temporary shocks | |
| Jean Paul Décamps; Erwan Morellec; Stéphane Villeneuve | |
| 发表日期 | 2015-02-15 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We develop a dynamic model of investment, cash holdings, financing, and risk management policies in which firms face financing frictions and are subject to permanent and temporary cash flow shocks. In this model, target cash holdings depend on the long-term prospects of the firm, implying that the payout policy of the firm, its financing policy, and its cash-flow sensitivity of cash display a more realistic behavior than in prior models with financing frictions. In addition, risk management policies are richer and depend on the nature of cash flow shocks and potential collateral constraints. Lastly, the timing of investment and the firm?s initial asset mix both reflect financing frictions and the joint effects of permanent and temporary shocks. |
| 主题 | Financial Economics |
| 关键词 | Corporate policies Financing frictions Permanent vs. temporary shocks Risk management |
| URL | https://cepr.org/publications/dp10420 |
| 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/539252 |
| 推荐引用方式 GB/T 7714 | Jean Paul Décamps,Erwan Morellec,Stéphane Villeneuve. DP10420 Corporate policies with permanent and temporary shocks. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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