haku: @author Kim, C-S. / yhteensä: 2
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| Tekijä: | Kim, C-S. Mauer, D. C. Sherman, A. E. |
| Otsikko: | The determinants of corporate liquidity: Theory and evidence |
| Lehti: | Journal of Financial and Quantitative Analysis
1998 : SEP, VOL. 33:3, p. 335-359 |
| Asiasana: | CORPORATE LIQUIDITY FINANCING |
| Kieli: | eng |
| Tiivistelmä: | This paper provides a theoretical and empirical investigation of the firm's decision to invest in liquid assets. The optimal amount of liquidity is determined by a tradeoff between the low return earned on liquid assets and the benefit of minimizing the need for costly external financing. The model predicts that the optimal investment in liquidity is increasing in the cost of external financing, the variance of future cash flows, and the return on future investment opportunities, while it is decreasing in the return differential between the firm's physical assets and liquid assets. |
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