| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13660 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w13660 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 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. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13660.pdf（400KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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