G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w20442
来源IDWorking Paper 20442
Aggregate External Financing and Savings Waves
Andrea L. Eisfeldt; Tyler Muir
发表日期2014-09-25
出版年2014
语种英语
摘要US data display aggregate external financing and savings waves. Firms can allocate costly external finance to productive capital, or to liquid assets with low physical returns. If firms raise costly external finance and accumulate liquidity, either the cost of external finance is relatively low, or the total return to liquidity accumulation, including its shadow value as future internal funds, is particularly high. We formalize this intuition by estimating a dynamic model of firms’ financing and savings decisions, and use our model along with firm level data to construct an empirical estimate of the average cost of external finance from 1980-2014.
主题Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w20442
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/578190
推荐引用方式
GB/T 7714
Andrea L. Eisfeldt,Tyler Muir. Aggregate External Financing and Savings Waves. 2014.
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