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Credit lines, cash holdings, and cap...

Lockhart, G. Brandon.

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Credit lines, cash holdings, and capital structure.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Credit lines, cash holdings, and capital structure./
作者:	Lockhart, G. Brandon.
面頁冊數:	115 p.
附註:	Source: Dissertation Abstracts International, Volume: 70-12, Section: A, page: 4795.
Contained By:	Dissertation Abstracts International70-12A.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3385962
ISBN:	9781109519907

Credit lines, cash holdings, and capital structure.
Lockhart, G. Brandon.

Credit lines, cash holdings, and capital structure. - 115 p.

Source: Dissertation Abstracts International, Volume: 70-12, Section: A, page: 4795.

Thesis (Ph.D.)--University of Florida, 2009.

How important are transactions costs for firm financial policies? Transactions costs play an important role in theoretical and empirical explanations of firm cash holdings and capital structure, but the extent of their economic importance is unknown. I use unique data on corporate credit lines to investigate the importance of transactions costs in the firm's leverage rebalancing and cash holding decisions. Credit lines are important for this research because they provide access to debt and liquidity with minimal ex post fixed transactions costs. I extend the capital structure literature's partial adjustment model by estimating cross-sectional adjustment speeds to target leverage based on current leverage relative to target, firm demand for liquidity, and access to a credit line. I show that the access to liquidity provided by a credit line provides economic benefit to shareholders. Specifically, I find that shareholders of financially-unconstrained firms value credit line availability and cash holdings similarly. Financially-constrained firms can increase firm value by increasing cash holdings and credit line debt by the same amount. The results provide strong evidence that transactions costs shape firm financial policy. (Full text of this dissertation may be available via the University of Florida Libraries web site. Please check http://www.uflib.ufl.edu/etd.html)

ISBN: 9781109519907Subjects--Topical Terms:

626650
Economics, Finance.

Credit lines, cash holdings, and capital structure.
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245 1 0 $a Credit lines, cash holdings, and capital structure.
300 $a 115 p.
500 $a Source: Dissertation Abstracts International, Volume: 70-12, Section: A, page: 4795.
500 $a Adviser: Mark J. Flannery.
502 $a Thesis (Ph.D.)--University of Florida, 2009.
520 $a How important are transactions costs for firm financial policies? Transactions costs play an important role in theoretical and empirical explanations of firm cash holdings and capital structure, but the extent of their economic importance is unknown. I use unique data on corporate credit lines to investigate the importance of transactions costs in the firm's leverage rebalancing and cash holding decisions. Credit lines are important for this research because they provide access to debt and liquidity with minimal ex post fixed transactions costs. I extend the capital structure literature's partial adjustment model by estimating cross-sectional adjustment speeds to target leverage based on current leverage relative to target, firm demand for liquidity, and access to a credit line. I show that the access to liquidity provided by a credit line provides economic benefit to shareholders. Specifically, I find that shareholders of financially-unconstrained firms value credit line availability and cash holdings similarly. Financially-constrained firms can increase firm value by increasing cash holdings and credit line debt by the same amount. The results provide strong evidence that transactions costs shape firm financial policy. (Full text of this dissertation may be available via the University of Florida Libraries web site. Please check http://www.uflib.ufl.edu/etd.html)
590 $a School code: 0070.
650 4 $a Economics, Finance. $3 626650
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773 0 $t Dissertation Abstracts International $g 70-12A.
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792 $a 2009
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3385962