Capital Supply Uncertainty, Cash Holdings, and Investment
构建了一个动态模型，研究企业在投资不可分割且面临资本供给不确定性时的投资、融资和现金管理决策，发现最优策略可能不遵循标准单障碍策略，且融资政策并非严格的啄食顺序。
We develop a dynamic model of investment, financing, and cash management decisions in which investment is lumpy and firms face capital supply uncertainty. We characterize optimal policies explicitly, demonstrate that smooth-pasting conditions may not guarantee optimality, and show that firms may not follow standard single barrier policies. In the model, firms with high investment costs differ in their behaviors from firms with low investment costs, financing policy does not follow a strict pecking order, and the optimal payout policy may feature several regions with both incremental and lumpy dividend payments.