The Sensitivity of Cash Savings to the Cost of Capital
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We theoretically and empirically show that in the presence of a time-varying cost of capital (COC), firms save from external capital when the firm-specific COC is low to hedge against the risk of underinvestment due to a higher COC in the future. This hedging motive drives the sensitivity of cash
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美国国家经济研究局创建时间：
2020-07-01
