Non-linear Target Adjustment in Corporate Liquidity Management: An Endogenous Thresholds Approach

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Non-linear Target Adjustment in Corporate Liquidity Management: An Endogenous Thresholds Approach
 
Bruinshoofd, A.; Kool, C.J.M.
(2006) Discussion Paper Series / Tjalling C. Koopmans Research Institute, volume 06, issue 15
(Working paper)
Abstract
We provide new empirical evidence on non-linear liquidity management in Dutch firms. Our results reveal that liquidity adjustment from below the target is significantly faster than from above. We find no evidence for bands of inaction around the target.
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Keywords: Corporate Liquidity Management, Non-linear Adjustment, Endogenous Thresholds, Panel Approach
ISSN: 2666-8238
Publisher: UU USE Tjalling C. Koopmans Research Institute
 
 
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