This paper studies the relation between supplier-base concentration and corporate cash policy, using unique data on supplier information disclosed by Chinese listed firms between 2007 and 2020. We find that customer firms with more concentrated supplier bases tend to hold higher levels of cash...

We consider a long-term portfolio choice problem with two illiquid and correlated assets and formulate it as an eigenvalue problem in the form of a variational inequality. The eigenvalue is associated with the portfolio’s optimal long-term growth rate, and the free boundaries implied by the...