| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28970 |
| 来源ID | Working Paper 28970 |
| Leverage and Cash Dynamics | |
| Harry DeAngelo; Andrei S. Gonçalves; René M. Stulz | |
| 发表日期 | 2021-06-28 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper documents new and empirically important interactions between cash-balance and leverage dynamics. Cash ratios typically vary widely over extended horizons, with dynamics remarkably similar to (and complementary with) those of capital structure. Leverage and cash dynamics interact approximately as predicted by the internal-versus-external funding regimes in Myers and Majluf (1984). Leverage is quite volatile when cash ratios are stable and vice-versa, while net-debt ratios are almost always volatile. Most firms increase leverage sharply as cash balances (internal funds) become scarce. Capital structure models that extend Hennessy and Whited (2005) to include cash-balance dynamics explain some, but not all, aspects of the observed relation between cash squeezes and leverage increases. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w28970 |
| 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/586644 |
| 推荐引用方式 GB/T 7714 | Harry DeAngelo,Andrei S. Gonçalves,René M. Stulz. Leverage and Cash Dynamics. 2021. |
| 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 | ||
| w28970.pdf（1055KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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