Liquidity Management and Corporate Investment During a Financial Crisis

Abstract

NBER WORKING PAPER SERIES LIQUIDITY MANAGEMENT AND CORPORATE INVESTMENT DURING A FINANCIAL CRISIS Murillo Campello Erasmo Giambona John R. Graham Campbell R. Harvey Working Paper 16309 http://www.nber.org/papers/w16309 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2010 We thank James Choi, Enrica Detragiache, Jean Helwege, Matt Spiegel, Ilya Strebulaev, Amir Sufi, Yongjun Tang, and two anonymous referees for their suggestions. We also benefited from comments from seminar participants at the ECB/CFS Conference (2009), FIRS Conference (2010), Global Issues in Accounting Conference (2010), RFS/Yale Financial Crisis Conference (2009), University of Amsterdam, University of Bologna, and WFA Meetings (2010). We thank CFO Magazine for helping us conduct the survey, though we note that our analysis and conclusions do not necessarily reflect those of CFO. We thank Benjamin Ee and Hyunseob Kim for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2010 by Murillo Campello, Erasmo Giambona, John R. Graham, and Campbell R. Harvey. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted …

Source: pdf_first_chars