Temporary versus Permanent Shocks: Explaining Corporate Financial Policies
研究了现金流同时面临暂时性和永久性冲击时公司的财务政策，发现暂时性冲击增加了财务灵活性的重要性，为财务保守主义和低杠杆现象提供了直观解释。
We investigate corporate financial policies in the presence of both temporary and permanent shocks to firms' cash flows. In our framework, cash flows can be negative and are imperfectly correlated with firm value, and earnings volatility differs from asset volatility. These results are consistent with empirical stylized facts. They are also contrary to the implications of existing dynamic capital structure models that allow only for permanent shocks to cash flows. Temporary shocks increase the importance of financial flexibility and may provide an intuitively simple and realistic explanation of empirically observed financial conservatism and low leverage phenomena. The theoretical framework developed in this article general enough to be used in various corporate finance applications. The Author 2010. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.