Browsing Arbeidsnotater / Working Papers by Subject "cash management"
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Disclosing the Undisclosed: Commercial Paper As Hidden Liquidity Suffers
(Working paper;16/2021, Working paper, 2021)Using new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on ... -
Real and Financial Tradeoffs in Non-Listed Firms: Cash Flow Sensitivities and How They Change with Shocks to Firms' Main-Bank
(Working Papers;27/2010, Working paper, 2010)We study how non-listed firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash ...