國立虎尾科技大學 |

Two Essays on Corporate Liquidity Management.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Two Essays on Corporate Liquidity Management./
Author:	Liu, Chang.
Description:	1 online resource (116 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-10(E), Section: A.
Contained By:	Dissertation Abstracts International79-10A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780438091184

Two Essays on Corporate Liquidity Management.
Liu, Chang.

Two Essays on Corporate Liquidity Management. - 1 online resource (116 pages)

Source: Dissertation Abstracts International, Volume: 79-10(E), Section: A.

Thesis (Ph.D.)--Kent State University, 2018.

Includes bibliographical references

My dissertation contains two essays regarding corporate liquidity management. In the first essay, we find that personal connections between borrowers and lenders have a significant impact on the choice of corporate liquidity. Connected firms tend to obtain larger credit lines and hold less cash. Closer personal ties result in easier access to credit lines during economic shocks, such as financial crisis and negative news of credit quality. In addition, connections help firms with tighter financial constraints or higher risk obtain larger amount of credit lines. Connections also increase the amount of credit lines of borrowers with less public debt. Overall, our findings suggest that reduced asymmetric information between borrowers and lenders can improve corporate liquidity management.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780438091184Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Two Essays on Corporate Liquidity Management.
LDR:02676ntm a2200325Ki 4500 001 918426
005 20181114145237.5
006 m o u
007 cr mn||||a|a||
008 190606s2018 xx obm 000 0 eng d
020 $a 9780438091184
035 $a (MiAaPQ)AAI10871338
035 $a (MiAaPQ)OhioLINK:kent1525891031065629
035 $a AAI10871338
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Liu, Chang. $3 1179760
245 1 0 $a Two Essays on Corporate Liquidity Management.
264 0 $c 2018
300 $a 1 online resource (116 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 79-10(E), Section: A.
502 $a Thesis (Ph.D.)--Kent State University, 2018.
504 $a Includes bibliographical references
520 $a My dissertation contains two essays regarding corporate liquidity management. In the first essay, we find that personal connections between borrowers and lenders have a significant impact on the choice of corporate liquidity. Connected firms tend to obtain larger credit lines and hold less cash. Closer personal ties result in easier access to credit lines during economic shocks, such as financial crisis and negative news of credit quality. In addition, connections help firms with tighter financial constraints or higher risk obtain larger amount of credit lines. Connections also increase the amount of credit lines of borrowers with less public debt. Overall, our findings suggest that reduced asymmetric information between borrowers and lenders can improve corporate liquidity management.
520 $a In the second essay, we study the relationship between corporate liquidity choice and market value by using the market-to-book decomposition of Rhodes-Kropf, Robinson, and Viswanathan (2005). We find that sector overvaluation or long-run growth usually increase the portion of cash in the total corporate liquidity. The effect is stronger in firms with larger growth opportunities, better corporate governance, or longer investor horizons. Moreover, the choice between cash and credit lines for firms without credit ratings are more sensitive to the sector overvaluation or long-run growth. In addition, we find sector error and long-run growth have stronger effects on corporate liquidity in the long horizons.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Kent State University. $b College of Business Administration / Department of Finance. $3 1192745
773 0 $t Dissertation Abstracts International $g 79-10A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10871338 $z click for full text (PQDT)