| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18892 |
| 来源ID | Working Paper 18892 |
| Credit Lines as Monitored Liquidity Insurance: Theory and Evidence | |
| Viral V. Acharya; Heitor Almeida; Filippo Ippolito; Ander Perez | |
| 发表日期 | 2013-03-14 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We propose and test a theory of corporate liquidity management in which credit lines provided by banks to firms are a form of monitored liquidity insurance. Bank monitoring and resulting credit line revocations help control illiquidity-seeking behavior by firms. Firms with high liquidity risk are likely to use cash rather than credit lines for liquidity management because the cost of monitored liquidity insurance increases with liquidity risk. We exploit a quasi-experiment around the downgrade of General Motors (GM) and Ford in 2005 and find that firms that experienced an exogenous increase in liquidity risk (specifically, firms that relied on bonds for financing in the pre-downgrade period) moved out of credit lines and into cash holdings in the aftermath of the downgrade. We observe a similar effect for firms whose ability to raise equity financing is compromised by pricing pressure caused by mutual fund redemptions. Finally, we find support for the model's other novel empirical implication that firms with low hedging needs (high correlation between cash flows and investment opportunities) are more likely to use credit lines relative to cash, and are also less likely to face covenants and revocations when using credit lines. |
| 主题 | Macroeconomics ; Consumption and Investment ; Monetary Policy ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w18892 |
| 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/576567 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Heitor Almeida,Filippo Ippolito,et al. Credit Lines as Monitored Liquidity Insurance: Theory and Evidence. 2013. |
| 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 | ||
| w18892.pdf（607KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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