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Credit lines, cash holdings, and cap...

Lockhart, G. Brandon.

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Credit lines, cash holdings, and capital structure.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Credit lines, cash holdings, and capital structure./
Author:	Lockhart, G. Brandon.
Description:	115 p.
Notes:	Source: Dissertation Abstracts International, Volume: 70-12, Section: A, page: 4795.
Contained By:	Dissertation Abstracts International70-12A.
Subject:	Economics, Finance. -
Online resource:	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.
LDR:02252nam 2200277 4500 001 1396124
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020 $a 9781109519907
035 $a (UMI)AAI3385962
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040 $a UMI $c UMI
100 1 $a Lockhart, G. Brandon. $3 1674882
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
650 4 $a Business Administration, Banking. $3 1018458
690 $a 0508
690 $a 0770
710 2 $a University of Florida. $3 718949
773 0 $t Dissertation Abstracts International $g 70-12A.
790 1 0 $a Flannery, Mark J., $e advisor
790 $a 0070
791 $a Ph.D.
792 $a 2009
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3385962