The impact of macroeconomic uncertainty on non-financial firms' demand for liquidity: A note

Jie Dai

Review of Financial Economics, 2010, vol. 19, issue 4, 192-193

Abstract: In an influential article, Baum et al. (2006) proposed a novel approach to dealing with uncertainty through conditional variability, as reflected in their Eq. (C.6) of the article. This crucial result in their Eq. (C.6) is, however, incorrect. In this Note, I provide a derivation for the correct result and perform numerical evaluations.

Date: 2010
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