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来源类型Working Paper
规范类型报告
DOI10.3386/w13660
来源IDWorking Paper 13660
Financial Structure, Liquidity, and Firm Locations
Andres Almazan; Adolfo de Motta; Sheridan Titman; Vahap Uysal
发表日期2007-12-14
出版年2007
语种英语
摘要This paper investigates the relation between a firm's location and its corporate finance decisions. We develop a simple model where being located within an industry cluster increases opportunities to make acquisitions, and to facilitate those acquisitions, firms within clusters maintain more financial slack. Consistent with our model we find that firms that are located within industry clusters tend to make more acquisitions, and have lower debt ratios and larger cash balances than their industry peers located outside clusters. In addition, we document that firms in growing cities and technology centers also maintain more financial slack. Overall, these findings, which reveal systematic patterns between geography and corporate finance choices, suggest the importance of growth opportunities in firms' financial decisions.
主题Financial Economics ; Corporate Finance ; Regional and Urban Economics ; Real Estate
URLhttps://www.nber.org/papers/w13660
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/571341
推荐引用方式
GB/T 7714
Andres Almazan,Adolfo de Motta,Sheridan Titman,et al. Financial Structure, Liquidity, and Firm Locations. 2007.
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