套利成本对企业货币需求的异质性影响

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2024-07-15 DOI:10.1111/eufm.12507

Hadi Movaghari, Georgios Sermpinis

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引用次数: 0

摘要

交易成本模型预测机会成本会对货币需求产生负面影响。通过研究企业层面的套利成本（CC）对现金持有量的影响，而不是整个人口的平均影响，我们发现这种普遍的负面关系在低利率时期并不成立，大约有 10%的机会观察到正面影响。企业规模是这种异质性的主要驱动因素，它对现金与消费之间的联系产生了驼峰形的影响。我们的研究结果表明，政策制定者应跟踪货币需求的机会成本对分配的影响，以便更好地评估货币政策。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Heterogeneous impact of cost of carry on corporate money demand

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Heterogeneous impact of cost of carry on corporate money demand

Transaction cost model predicts opportunity costs should negatively affect money demand. Examining the effect of cost of carry (CC) on cash holdings at the firm-level, rather the average effect for entire population, we find that such a pervasive negative relation does not hold in times of low interest rate with about a 10% chance of observing positive effects. Firm size emerges as the primary driver of this heterogeneity, demonstrating a hump-shaped effect on the cash-CC link. Our findings suggest that policymakers should track the distributional impacts of opportunity cost of money demand over time to better evaluation of monetary policy.

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.