Optimal short-termism and liquidity management
研究了融资约束企业如何在短期现金储备激励与长期增长激励之间权衡，发现融资约束导致过度短期努力投入，即短视行为，并分析了永久性和暂时性冲击对分红阈值的影响。
We develop a dynamic multitasking model for a financially constrained firm that manages both current cash reserves through short-term effort incentives and firm growth via long-term effort incentives. We demonstrate that financing constraints lead to an overinvestment in short-term efforts compared to a scenario without such constraints, resulting in short-termism. In addition, we also show that both permanent and transitory shocks exert an ambiguous impact on the payout thresholds under conditions of positive correlation between the transitory and permanent shocks.