现金持有和抵押品价值。来自准自然实验的证据

FEN: Other International Corporate Finance (Topic) Pub Date : 2019-02-07 DOI:10.2139/ssrn.3330731

M. Ermel

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引用次数: 2

摘要

我们利用巴西在2004年底和2005年初实施的重大信贷改革和新的破产法来调查现金持有抵押品价值上升的影响。我们发现，在法律通过后，与有形企业相比，有形企业减少了现金持有量。此外，我们的研究结果表明，更有形的公司减少其短期债务，证实了财务灵活性假设。

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Cash Holdings and Collateral Value. Evidence from a Quasi Natural Experiment

We make use of the major credit reform and the new bankruptcy law empreended by Brazil at the end of 2004 and early 2005 to investigate the effect of a rise in collateral value in cash holdings. We find that more tangible firms reduced its cash holding after the passage of the law compared to less tangible firms. Also, our results suggest that more tangible firms reduced its short-term debt, corroborating the financial flexibility hypothesis.

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FEN: Other International Corporate Finance (Topic)

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