Corporate Policies with Permanent and Transitory Shocks
构建了一个模型，分析面临融资摩擦的企业如何制定融资、现金持有和对冲政策，以应对永久性和暂时性现金流冲击，并推导出丰富的实证预测。
We model the financing, cash holdings, and hedging policies of a firm facing financing frictions and subject to permanent and transitory cash flow shocks. The permanent and transitory shocks generate distinct, sometimes opposite, effects on corporate policies. We use the model to develop a rich set of empirical predictions. In our model, correlated permanent and transitory shocks imply less risk, lower cash savings, and a drop in the value of credit lines. The composition of cash-flow shocks affects the cash-flow sensitivity of cash, which can be positive or negative. Optimal hedging of permanent and transitory shocks may involve opposite positions. Received September 16, 2015; editorial decision July 3, 2016 by Editor Itay Goldstein.