Precautionary Saving in a Financially-Constrained Firm
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https://www.nber.org/papers/w26628
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For a firm that cannot raise external funds, cash on hand serves as precautionary saving. We derive a closed-form expression for the target level of cash on hand in the presence of persistent cash flows. Contrary to conventional wisdom, a mean-preserving increase in the volatility of cash flow can
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美国国家经济研究局创建时间：
2020-01-01
