Accounting Measures of Corporate Liquidity, Leverage, and Costs of Financial Distress
分析财务困境成本与企业流动性水平和杠杆之间的关系，基于制造业企业流动资产占总资产6.3%至9.6%的数据，帮助理解流动性管理对财务困境的影响。
Liquid assets such as cash and marketable securities constitute a considerable portion of total assets, say 6.3% to 9.6%, of manufacturing firms. Financial managers pay a lot of attention to the measurement and management of corporate liquidity. It has also been recognized that a consequence of severe shortage of liquidity is financial distress. This study analyzes the relationship of the costs of financial distress to the level of corporate liquidity maintained and leverage.