EXIT OPTIONS AND DIVIDEND POLICY UNDER LIQUIDITY CONSTRAINTS
نویسندگان
چکیده
منابع مشابه
Exit Options and Dividend Policy under Liquidity Constraints
We introduce a post-entry liquidity constraint to the standard model of a rm with serially correlated pro tability and an irreversible exit decision. We assume that rms with no cash holdings and negative cash ow must either exit or raise new cash at a transaction cost. This creates a precautionary motive for holding cash, which must be traded o¤ against the liquidity cost of holding cash. We...
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ژورنال
عنوان ژورنال: International Economic Review
سال: 2014
ISSN: 0020-6598
DOI: 10.1111/iere.12046