Financial Planning Where the Firm's Demand for Funds is Nonstationary and Stochastic
研究企业在未来资金需求不确定且成本高昂时，是否应预留财务冗余。模型发现，在特定条件下不应预留，否则最优冗余量会超过最大可能需求，且允许未来向上或向下修正。
The incentive for a firm to engage in planning (prearranging) for its future financing derives from the interaction of uncertainty concerning the amount and timing of future needs and the cost of negotiating and terminating contracts in capital markets. Three conditions on relative costs and probability distributions are identified under which no financial slack should be raised. If those conditions are not met, then under one set of reasonable assumptions the optimum amount of slack will be more than the largest possible future need. The model allows for surprises which can cause upward or downward (in contrast to EOQ models) revisions in the future regarding the optimal level of slack to continue to carry.