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- W2020448692 abstract "This paper studies the impact of both liquidity and solvency concerns on corporate finance. I present a tractable model of a firm that optimally chooses capital structure, cash holdings, dividends, and default while facing cash flows with long-term uncertainty and short-term liquidity shocks. The model explains how changes in solvency affect liquidity and also how liquidity concerns affect solvency via capital structure choice. These interactions result in a dynamic cash policy in which cash reserves increase in profitability and are positively correlated with cash flows. The optimal dividend distributions implied by the model are smoothed relative to cash flows. I also find that liquidity concerns lead to a decrease of dispersion of credit spreads." @default.
- W2020448692 created "2016-06-24" @default.
- W2020448692 creator A5074095425 @default.
- W2020448692 date "2011-02-01" @default.
- W2020448692 modified "2023-10-16" @default.
- W2020448692 title "A theory of corporate financial decisions with liquidity and solvency concerns" @default.
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- W2020448692 doi "https://doi.org/10.1016/j.jfineco.2010.09.010" @default.
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