The impact of macroeconomic uncertainty on non-financial firms' demand for liquidity

被引：278

作者：

Baum, Christopher F. ^{[1
]}

Caglayan, Mustafa ^{[2
]}

Ozkan, Neslihan ^{[3
]}

Talavera, Oleksandr ^{[4
]}

机构：

[1] Boston Coll, Dept Econ, Chestnut Hill, MA 02467 USA

[2] Univ Glasgow, Dept Econ, Glasgow, Lanark, Scotland

[3] Univ Bristol, Dept Econ, Bristol, Avon, England

[4] DIW Berlin, Berlin, Germany

来源：

REVIEW OF FINANCIAL ECONOMICS | 2006年 / 15卷 / 04期

关键词：

Liquid assets; Cash holdings; Buffer stock; Macroeconomic uncertainty; ARCH; Non-financial firms;

D O I：

10.1016/j.rfe.2006.01.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper empirically investigates whether changes in macroeconomic volatility affect the efficient allocation of non-financial firms' liquid assets. We argue that higher uncertainty will hamper managers' ability to accurately predict firm-specific information and induce them to implement similar cash management policies. Contrarily, when the macroeconomic environment becomes more tranquil, each manager will have the latitude to behave more idiosyncratically as she can adjust liquid assets based on the specific requirements of the firm, bringing about a more efficient allocation of liquid assets. Our empirical analysis provides support for these predictions. (C) 2006 Elsevier Inc. All rights reserved.

引用

页码：289 / 304

页数：16

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