G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16043
DP16043 Cash Is Not King: Evidence from the Commercial Paper Market
Sven Klinger; Olav Syrstad; Guillaume Vuillemey
发表日期2021-04-16
出版年2021
语种英语
摘要Using new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on CP lending supply cannot explain this pattern. Instead, firms prefer repaying short-term debt over disclosing high cash holdings to signal that their cash is readily available and not trapped in foreign subsidiaries. Consistent with this interpretation, we show that firms with higher cash holdings, more sales in regions with tight capital controls, or with higher debt-equity ratios compared to industry peers reduce their short-term debt more aggressively at disclosure dates.
主题Financial Economics
关键词Cash Commercial paper Adverse selection Disclosure Window dressing
URLhttps://cepr.org/publications/dp16043
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/545023
推荐引用方式
GB/T 7714
Sven Klinger,Olav Syrstad,Guillaume Vuillemey. DP16043 Cash Is Not King: Evidence from the Commercial Paper Market. 2021.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Sven Klinger]的文章
[Olav Syrstad]的文章
[Guillaume Vuillemey]的文章
百度学术
百度学术中相似的文章
[Sven Klinger]的文章
[Olav Syrstad]的文章
[Guillaume Vuillemey]的文章
必应学术
必应学术中相似的文章
[Sven Klinger]的文章
[Olav Syrstad]的文章
[Guillaume Vuillemey]的文章
相关权益政策
暂无数据
收藏/分享

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。