| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15059 |
| DP15059 The Sensitivity of Cash Savings to the Cost of Capital | |
| Viral Acharya; Soku Byoun; Zhaoxia Xu | |
| 发表日期 | 2020-07-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show theoretically and empirically that in the presence of a time-varying cost of capital (COC), firms have a hedging motive to reduce the overall COC over time by saving cash when COC is relatively low. The sensitivity of cash savings to COC is especially pronounced with respect to the cost of equity and for firms with greater correlation between COC and financing needs for future investments. Both financially constrained and unconstrained firms respond to low COC by saving cash out of external capital issuance in excess of current financial needs. |
| 主题 | Financial Economics |
| 关键词 | Hedging Precautionary motive Market timing Financial constraint |
| URL | https://cepr.org/publications/dp15059 |
| 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/544011 |
| 推荐引用方式 GB/T 7714 | Viral Acharya,Soku Byoun,Zhaoxia Xu. DP15059 The Sensitivity of Cash Savings to the Cost of Capital. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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