Market timing, investment, and risk management
The 2008 financial crisis exemplifies significant uncertainties in corporate financing conditions. We develop a unified dynamic q-theoretic framework where firms have both a precautionary-savings motive and a market-timing motive for external financing and payout decisions, induced by stochastic fin...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Article |
| Language: | English |
| Published: |
Elsevier B.V.,
2014-06-04T19:25:30Z.
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| Subjects: | |
| Online Access: | Get fulltext |