Aggregate risk and the choice between cash and lines of credit

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dc.contributor.authorAcharya, Viral V.
dc.contributor.authorHEITOR VIEIRA DE ALMEIDA NETO
dc.contributor.authorCampello, Murillo
dc.coverage.paisNão Informadopt_BR
dc.creatorAcharya, Viral V.
dc.creatorCampello, Murillo
dc.date.accessioned2022-11-11T17:53:01Z
dc.date.available2022-11-11T17:53:01Z
dc.date.issued2013
dc.description.otherBanks can create liquidity for firms by pooling their idiosyncratic risks. As a result, bank lines of credit to firms with greater aggregate risk should be costlier and such firms opt for cash in spite of the incurred liquidity premium. We find empirical sup port for this novel theoretical insight. Firms with higher beta have a higher ratio of cash to credit lines and face greater costs on their lines. In times of heightened aggregate volatility, banks exposed to undrawn credit lines become riskier; bank credit lines feature fewer initiations, higher spreads, and shorter maturity; and, firms’ cash reserves rise.pt_BR
dc.format.extentp. 2059-2116pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doi10.1111/jofi.12056pt_BR
dc.identifier.issue5pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4714
dc.identifier.volume68pt_BR
dc.language.isoInglêspt_BR
dc.publisherJohn Wiley & Sons, Ltd.pt_BR
dc.relation.ispartofThe Journal of Financept_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR.pt_BR
dc.subject.keywordsNão informadopt_BR
dc.titleAggregate risk and the choice between cash and lines of creditpt_BR
dc.typejournal article
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication20c703ae-c8e5-469b-a8d3-b5b15979f556
relation.isAuthorOfPublication.latestForDiscovery20c703ae-c8e5-469b-a8d3-b5b15979f556
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