| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27931 |
| 来源ID | Working Paper 27931 |
| A q Theory of Internal Capital Markets | |
| Min Dai; Xavier Giroud; Wei Jiang; Neng Wang | |
| 发表日期 | 2020-10-12 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We propose a tractable model of dynamic investment, spinoffs, financing, and risk management for a multi-division firm facing costly external finance. Our main results are: (1) within-firm resource allocation is based not only on the divisions’ productivity—as in “winner picking” models—but also their risk; (2) firms may voluntarily spin off productive divisions to increase liquidity; (3) diversification can reduce firm value in low-liquidity states; (4) corporate socialism makes liquidity less valuable; (5) division investment is determined by the ratio between marginal q and marginal value of cash. We further generalize our model to account for capital redeployability, M&As, and managerial entrenchment. |
| 主题 | Microeconomics ; Behavioral Economics ; Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w27931 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585605 |
| 推荐引用方式 GB/T 7714 | Min Dai,Xavier Giroud,Wei Jiang,et al. A q Theory of Internal Capital Markets. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27931.pdf（3639KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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