We model a firm's demand for liquidity to develop a new test of the effect of financial
constraints on corporate policies. The effect of financial constraints is captured by the firm's …

We examine the cross‐sectional variation in the marginal value of corporate cash holdings
that arises from differences in corporate financial policy. We begin by providing semi …

We show theoretically that while cash allows financially constrained firms to hedge future
investment against income shortfalls, reducing current debt is a more effective way to boost …

We 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 …

Research background: The global COVID-19 pandemic created an unprecedented
challenge not only for employees' well-being, but also for the nature of their work, as …

Banks increasingly use short-term wholesale funds to supplement traditional retail deposits.
Existing literature mainly points to the “bright side” of wholesale funding: sophisticated …

This article extends the debate regarding the relationship between strategic planning and
performance. It addresses criticism of previous empirical studies that have largely …

This study investigates how a firm's climate change risk (FCCR) and financial flexibility
(FIFL) affect its value and environmental, social, and governance (ESG) performance. We …

This study examines the impact of financial flexibility on the investment and performance of
East Asian firms over the period 1994–2009. We employ a sample of 1,068 firms and place …

We study the determinants of value creation in US commercial banks. We develop novel
measures of individual banks' productivities at collecting deposits and making loans that we …