| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16043 |
| 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 |
| URL | https://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。 | |||||
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。
