A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management
We propose a model of dynamic investment, financing, and risk management for financially constrained firms. The model highlights the central importance of the endogenous marginal value of liquidity (cash and credit line) for corporate decisions. Our three main results are: (1) investment depends on...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Article |
| Language: | English |
| Published: |
American Finance Association,
2011-12-09T17:45:20Z.
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| Subjects: | |
| Online Access: | Get fulltext |