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- W2602498544 abstract "U.S. industrial firms invest heavily in noncash, risky financial assets such as corporate debt, equity, and mortgage-backed securities. Risky assets represent 40% of firms’ financial portfolios, or 6% of total book assets. We present a formal model to assess the optimality of this behavior. Consistent with the model, risky assets are concentrated in financially unconstrained firms holding large financial portfolios, are held by poorly governed firms, and are discounted by 13% to 22% compared to safe assets. We conclude that this activity represents an unregulated asset management industry of more than $1.5 trillion, questioning the traditional boundaries of nonfinancial firms." @default.
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- W2602498544 date "2017-03-21" @default.
- W2602498544 modified "2023-10-03" @default.
- W2602498544 title "Precautionary Savings with Risky Assets: When Cash Is Not Cash" @default.
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- W2602498544 doi "https://doi.org/10.1111/jofi.12490" @default.
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