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Non-linear Target Adjustment in Corporate Liquidity Management: An Endogenous Thresholds Approach

Allard Bruinshoofd () and Clemens Kool ()

No 06-15, Working Papers from Utrecht School of Economics

Abstract: We provide new empirical evidence on non-linear liquidity management in Dutch firms. Our results reveal that liquidity adjustment from below the target is significantly faster than from above. We find no evidence for bands of inaction around the target.

Keywords: Corporate Liquidity Management; Non-linear Adjustment; Endogenous Thresholds; Panel Approach (search for similar items in EconPapers)
Date: 2006
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Related works:
Journal Article: Nonlinear target adjustment in corporate liquidity management: an endogenous thresholds approach (2009) Downloads
Working Paper: Non-Linear Target Adjustment in Corporate Liquidity Management: An Endogenous Thresholds Approach (2006) Downloads
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