دانلود مقاله ISI انگلیسی شماره 48434
عنوان فارسی مقاله

ادغام نقدینگی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
48434 2011 33 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Liquidity mergers ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Economics, Volume 102, Issue 3, December 2011, Pages 526–558

کلمات کلیدی
ترکیب و ادغام - خط اعتباری - نقد - ویژگی دارایی - بحران مالی
پیش نمایش مقاله
پیش نمایش مقاله ادغام نقدینگی

چکیده انگلیسی

We study the interplay between corporate liquidity and asset reallocation. Our model shows that financially distressed firms are acquired by liquid firms in their industries even in the absence of operational synergies. We call these transactions “liquidity mergers,” since their purpose is to reallocate liquidity to firms that are otherwise inefficiently terminated. We show that liquidity mergers are more likely to occur when industry-level asset-specificity is high and firm-level asset-specificity is low. We analyze firms' liquidity policies as a function of real asset reallocation, examining the trade-offs between cash and credit lines. We verify the model's prediction that liquidity mergers are more likely to occur in industries in which assets are industry-specific, but transferable across firms. We also show that firms are more likely to use credit lines (relative to cash) in industries in which liquidity mergers are more frequent.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.