| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16808 |
| 来源ID | Working Paper 16808 |
| Market Timing, Investment, and Risk Management | |
| Patrick Bolton; Hui Chen; Neng Wang | |
| 发表日期 | 2011-02-18 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Firms face uncertain financing conditions and are exposed to the risk of a sudden rise in financing costs during financial crises. We develop a tractable model of dynamic corporate financial management (cash accumulation, investment, equity issuance, risk management, and payout policies) for a financially constrained firm facing time-varying external financing costs. Firms value financial slack and build cash reserves to mitigate financial constraints. However, uncertainty about future financing opportunities also induce firms to rationally time the equity market, even if they have no immediate needs for cash. The stochastic financing conditions have rich implications for investment and risk management: (1) investment can be decreasing in financial slack; (2) firms may invest less as expected future financing costs fall; (3) investment-cash sensitivity, marginal value of cash, and firm's risk premium can all be non-monotonic in cash holdings; (4) speculation (as opposed to hedging) can be value-maximizing for financially constrained firms. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance |
| URL | https://www.nber.org/papers/w16808 |
| 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/574483 |
| 推荐引用方式 GB/T 7714 | Patrick Bolton,Hui Chen,Neng Wang. Market Timing, Investment, and Risk Management. 2011. |
| 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 | ||
| w16808.pdf（529KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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