Norges Bank on links between marginal value of cash and firms’ behaviour
A Norges Bank study published Wednesday finds firms' marginal value of cash is a crucial factor in determining the extent to which they rely on bank funds rather than internal financing.
Charlotte Ostergaard, Amir Sasson and Bent E. Sørensen, the paper's authors, write: "By comparing estimated cash flow sensitivities for firms with a high [marginal value of cash] to those of firms with a low [marginal value of cash], we find substantial differences." Companies with a high marginal value of cash
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