| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27517 |
| 来源ID | Working Paper 27517 |
| The Sensitivity of Cash Savings to the Cost of Capital | |
| Viral V. Acharya; Soku Byoun; Zhaoxia Xu | |
| 发表日期 | 2020-07-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show theoretically and empirically that in the presence of a time-varying cost of capital (COC), firms have a hedging motive to reduce the overall COC over time by saving cash when COC is relatively low. The sensitivity of cash savings to COC is especially pronounced with respect to the cost of equity and for firms with greater correlation between COC and financing needs for future investments. Both financially constrained and unconstrained firms respond to low COC by saving cash out of external capital issuance in excess of current financial needs. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w27517 |
| 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/585191 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Soku Byoun,Zhaoxia Xu. The Sensitivity of Cash Savings to the Cost of Capital. 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 | ||
| w27517.pdf（478KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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