| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16122 |
| 来源ID | Working Paper 16122 |
| Aggregate Risk and the Choice between Cash and Lines of Credit | |
| Viral V. Acharya; Heitor Almeida; Murillo Campello | |
| 发表日期 | 2010-06-24 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We argue that a firm's aggregate risk is a key determinant of whether it manages its future liquidity needs through cash reserves or bank lines of credit. Banks create liquidity for firms by pooling their idiosyncratic risks. As a result, firms with high aggregate risk find it costly to get credit lines from banks and opt for cash reserves in spite of higher opportunity costs and liquidity premium. We verify our model's hypothesis empirically by showing that firms with high asset beta have a higher ratio of cash reserves to lines of credit, controlling for other determinants of liquidity policy. This effect of asset beta on liquidity management is economically significant, especially for financially constrained firms; is robust to variation in the proxies for firms' exposure to aggregate risk and availability of credit lines; works at the firm level as well as the industry level; and is significantly stronger in times when aggregate risk is high. Consistent with the channel that drives these effects in our model, we find that firms with high asset beta face higher spreads on bank credit lines. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w16122 |
| 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/573796 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Heitor Almeida,Murillo Campello. Aggregate Risk and the Choice between Cash and Lines of Credit. 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 | ||
| w16122.pdf（631KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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