Stock Liquidity Risk and Cash Preservation

被引：0
|
作者：
Yeh, Shih-Kuo [1 ]
Yang, Wan-Ru [2 ]
Chen, Ren-Raw [3 ]
Yeh, Chung-Ying [1 ]
机构：
[1] Natl Chung Hsing Univ, Dept Finance, 250 Kuo Kuang Rd, Taichung 402, Taiwan
[2] Natl Univ Kaohsiung, Dept Finance, 500 Kaohsiung Univ Rd, Kaohsiung 811, Taiwan
[3] Fordham Univ, Grad Sch Business Adm, Room 1319,1790 Broadway, New York, NY 10023 USA
来源：
REVIEW OF PACIFIC BASIN FINANCIAL MARKETS AND POLICIES | 2022年 / 25卷 / 04期
关键词：
Cash holdings; liquidity risk; capital-raising costs; financial constraints; FINANCIAL CONSTRAINTS; HOLDINGS; RETURNS; DEFAULT; COST;
D O I：
10.1142/S0219091522500321
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates the relationship among liquidity risk, cash-holdings, financial constraints, and capital-raising costs. Our results show that cash preservation has different impacts on the liquidity risk explained by different aspects. The liquidity risk is negatively related with cash holdings. More financial constraints increase the liquidity risk. The firms with low capital-raising costs hold more cash because of liquidity needs.
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页数：21
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