期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2005
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：This paper empirically investigates whether changes in macroeconomic
volatility affect the efficient allocation of non-financial firms’
liquid assets. We argue that higher uncertainty will hamper managers’
ability to accurately predict firm-specific information and induce them
to implement similar cash management policies. Contrarily, when the
macroeconomic environment becomes more tranquil, each manager
will have the latitude to behave more idiosyncratically as she can adjust
liquid assets based on the specific requirements of the firm, bringing
about a more efficient allocation of liquid assets. Our empirical
analysis provides support for these predictions.
