Credit lines as monitored liquidity insurance: theory and evidence

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dc.contributor.authorAchary, Viral V.
dc.contributor.authorHEITOR VIEIRA DE ALMEIDA NETO
dc.contributor.authorIppolito, Filippo
dc.contributor.authorPerez, Ander
dc.coverage.paisNão Informadopt_BR
dc.creatorAchary, Viral V.
dc.creatorIppolito, Filippo
dc.creatorPerez, Ander
dc.date.accessioned2022-11-11T18:03:35Z
dc.date.available2022-11-11T18:03:35Z
dc.date.issued2014
dc.description.otherWe propose a theory of credit lines provided by banks to firms as a form of monitored liquidity insurance. Bank monitoring and resulting revocations help control illiquidity seeking behavior of firms insured by credit lines. The cost of credit lines is thus greater for firms with high liquidity risk, which in turn are likely to use cash instead of credit lines. We test this implication for corporate liquidity management by identifying exogenous shocks to liquidity risk of firms in corporate bond and equity markets. Firms experiencing increases in liquidity risk move out of credit lines and into cash holdingspt_BR
dc.format.extentp. 287-319pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doihttp://dx.doi.org/10.1016/j.jfineco.2014.02.001%200304-405Xpt_BR
dc.identifier.issn0304-405Xpt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4715
dc.identifier.volume112pt_BR
dc.language.isoInglêspt_BR
dc.publisherElsevierpt_BR
dc.relation.ispartofJournal of Financial Economicspt_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.keywordsLiquidity managementpt_BR
dc.subject.keywordsCash holdingspt_BR
dc.subject.keywordsLiquidity riskpt_BR
dc.subject.keywordsHedgingpt_BR
dc.subject.keywordsCovenantspt_BR
dc.subject.keywordsLoan commitmentspt_BR
dc.subject.keywordsCredit line revocationpt_BR
dc.titleCredit lines as monitored liquidity insurance: theory and evidencept_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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