Liquidity and capital structure
This paper solves for a firm’s optimal cash holding policy within a continuous time, contingent claims framework that has been extended to incorporate...
DP 573
A Model of corporate liquidity
We study a continuous time model of a levered firm with fixed assets generating a cash flow which fluctuates with business conditions. Since external...
DP 529
Financial development, agency and the pace of adoption of new techniques
We study the relation of financial development and the pace of technological advance in a dynamic agency theoretic model. A firm which is financed by...
DP 389