| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15992 |
| 来源ID | Working Paper 15992 |
| Asset Liquidity and the Cost of Capital | |
| Hernán Ortiz-Molina; Gordon M. Phillips | |
| 发表日期 | 2010-05-13 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We study the effect of real asset liquidity on a firm's cost of capital. We find an aggregate asset-liquidity discount in firms' cost of capital that is strongly counter-cyclical. At the firm-level we find that asset liquidity affects firms' cost of capital both in the cross section and in the time series: Firms in industries with more liquid assets and during periods of high asset liquidity have lower cost of capital. This effect is stronger when the asset liquidity is provided by firms operating within the industry. We also find that higher asset liquidity reduces the cost of capital by more for firms that face more competitive risk in product markets, have less access to external capital or are closer to default, and for those facing negative demand shocks. Our results suggest that asset liquidity is valuable to firms and, more generally, that operating inflexibility is an economically important source of risk. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance |
| URL | https://www.nber.org/papers/w15992 |
| 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/573666 |
| 推荐引用方式 GB/T 7714 | Hernán Ortiz-Molina,Gordon M. Phillips. Asset Liquidity and the Cost of Capital. 2010. |
| 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 | ||
| w15992.pdf（453KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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