Browsing BI Open by Subject "Cash Flow Trade-offs"
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The marginal value of cash, cash flow sensitivities and bank-finance shocks in nonlisted firms
(CCGR Working Paper;1/2011, Working paper, 2011)We study how nonlisted 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 ...