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The effects of industry-level uncertainty on cash holdings : the case of Germany

Baum, Christopher F. (contributor); … - 2006

This paper investigates the link between the optimal level of non-financial firms' liquid assets and industry-level uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as industry-level uncertainty increases the firm will increase its optimal...

Persistent link: https://www.econbiz.de/10003386654

Hohe Risikoaversion privater Haushalte bei Geldanlagen

Barasinska, Nataliya; Schäfer, Dorothea; Stephan, Andreas - In: DIW-Wochenbericht : Wirtschaft, Politik, Wissenschaft 75 (2008) 45, pp. 704, 706-710

Persistent link: https://www.econbiz.de/10003771364

Macro-financial policy at the crossroad: addressing climate change, biodiversity loss, and environmental degradation : introduction to the special issue

D'Orazio, Paola; Schäfer, Dorothea; Stephan, Andreas - In: Eurasian economic review : a journal in applied … 14 (2024) 1, pp. 1-11

Persistent link: https://www.econbiz.de/10015069661

Macroeconomic uncertainty and firm leverage

Baum, Christopher F.; Stephan, Andreas; Talavera, Oleksandr - 2004

Persistent link: https://www.econbiz.de/10002464179

Macroeconomic uncertainty and firm leverage

Baum, Christopher F. (contributor); … - 2004 - [Elektronische Ressource]

This paper investigates the link between the optimal level of non-financial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic uncertainty increases the firm will decrease its optimal level of...