Acharya, Viral V. (contributor); … - 2004 - [Elektronische Ressource]
financing constraints. Our model shows that holding cash allows firms to hedge against the
effect of future cash flow shortfalls … save debt capacity) and only at the margin allocate cash
flow surpluses into their cash accounts. In general, our results …, cash flow sensitivities.
JEL classification: G31.
*We thank Patrick Bolton, Jose Liberti, Mitch Petersen, and Paolo Volpin …