The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Capital Supply Uncertainty, Cash Holdings, and Investment
Open accessAbstract
We develop a dynamic model of investment, financing, and cash management decisions in which investment is lumpy and firms face capital supply uncertainty. We characterize optimal policies explicitly, demonstrate that smooth-pasting conditions may not guarantee optimality, and show that firms may not follow standard single barrier policies. In the model, firms with high investment costs differ in their behaviors from firms with low investment costs, financing policy does not follow a strict pecking order, and the optimal payout policy may feature several regions with both incremental and lumpy dividend payments.
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Dixit, R. K., & Pindyck, R. S. (1994) · doi:10.1515/9781400830176 · Cited by 9,029
A Model of the Demand for Money by Firms
Miller, M. H., & Orr, D. (1966) · The Quarterly Journal of Economics · doi:10.2307/1880728 · Cited by 1,340
Cited by
Precautionary Savings with Risky Assets: When Cash Is Not Cash
DUCHIN, R., GILBERT, T., HARFORD, J., & HRDLICKA, C. (2017) · The Journal of Finance · doi:10.1111/jofi.12490 · Cited by 351
Metadata
- Authors
- Hugonnier, J., Malamud, S., & Morellec, E.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2014-11-06
- Volume
- 28
- Issue
- 2
- Pages
- 391-445
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3121430177
- Cited by
- 209
- References
- 2
- FWCI
- 79.74
- Type
- journal article
- Language
- en
- Open access
- green
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- Hugonnier, J., Malamud, S., & Morellec, E. (2015). Capital Supply Uncertainty, Cash Holdings, and Investment. Review of Financial Studies. https://doi.org/10.1093/rfs/hhu081
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