| 000 | 01285pab a2200205 454500 | ||
|---|---|---|---|
| 008 | 140923b0 xxu||||| |||| 00| 0 eng d | ||
| 040 |
_cWelingkar Institute of Management Development & Research, Mumbai _aWelingkar Institute of Management Development & Research, Mumbai |
||
| 041 | _aENG | ||
| 082 |
_a _bGam |
||
| 100 | _aGamba Andrea | ||
| 245 | _aValue of Financial Flexibility | ||
| 250 | _a5 | ||
| 260 |
_a _bOct 2008 _c0 |
||
| 300 | _a2263-2296 Pp. | ||
| 490 | _v63 | ||
| 520 | _aWe develop a model that endogenizes dynamic financing, investment, and cash retention/payout policies in order to analyze the effect of financial flexibility on firm value. We show that the value of financing flexibility depends on the costs of external financing, the level of corporate and personal tax rates that determine the effective cost of holding cash, the firm's growth potential and maturity, and the reversibility of capital. Through simulations, we demonstrate that firms facing financing frictions should simultaneously borrow and lend, and we examine the nature of dynamic debt and liquidity policies and the value associated with corporate liquidity. | ||
| 650 | _aFinancial Flexibility | ||
| 856 | _uhttp://192.168.6.13/libsuite/mm_files/Articles/AR10409.pdf | ||
| 906 | _a30116 | ||
| 999 |
_c30250 _d30250 |
||