G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w26628
来源IDWorking 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
URLhttps://www.nber.org/papers/w26628
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/584302
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GB/T 7714
Andrew B. Abel,Stavros Panageas. Precautionary Saving in a Financially-Constrained Firm. 2020.
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