| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26628 |
| 来源ID | Working Paper 26628 |
| Precautionary Saving in a Financially-Constrained Firm | |
| Andrew B. Abel; Stavros Panageas | |
| 发表日期 | 2020-01-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | For a firm that cannot raise external funds, cash on hand serves as precautionary saving. We derive a closed-form expression for the target level of cash on hand in the presence of persistent cash flows. Contrary to conventional wisdom, a mean-preserving increase in the volatility of cash flow can decrease this target. Over the set of admissible parameter values the average impact of volatility on the target is zero. Endogenous selection, reflecting termination of firms that run out of cash, leads to a positive average impact of volatility on the target level of cash, consistent with empirical findings. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w26628 |
| 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/584302 |
| 推荐引用方式 GB/T 7714 | Andrew B. Abel,Stavros Panageas. Precautionary Saving in a Financially-Constrained Firm. 2020. |
| 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 | ||
| w26628.pdf（631KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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