?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F16689%2F&rft.title=Corporate+Policies+with+Temporary+and+Permanent+Shocks&rft.creator=D%C3%A9camps%2C+Jean-Paul&rft.creator=Gryglewicz%2C+S.&rft.creator=Morellec%2C+E.&rft.creator=Villeneuve%2C+St%C3%A9phane&rft.subject=B-+ECONOMIE+ET+FINANCE&rft.description=We+develop+a+dynamic+model+of+investment%2C+financing%2C+liquidity+and+risk+manage-+ment+policies+in+which+firms+face+financing+frictions+and+are+subject+to+permanent+and+temporary+cash+ow+shocks.+In+this+model%2C+the+cash-+ow+sensitivity+of+cash+increases+with+financing+constraints+and+cash+ow+volatility.+Persistence+of+cash+ow+shocks+and+volatility+of+permanent+shocks+help+manage+corporate+liquidity.+Temporary+shocks+volatility+hinders+it.+More+profitable+firms+access+equity+markets+less+often+but+raise+more+funds+when+doing+so.+Hedging+permanent+or+temporary+shocks+may+involve+op-+posite+positions.+Derivatives+usage+and+asset+substitution+are+not+equivalent+when+hedging+permanent+shocks.&rft.publisher=TSE+Working+Paper&rft.date=2015-01&rft.type=Monograph&rft.type=NonPeerReviewed&rft.format=text&rft.language=fr&rft.identifier=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F16689%2F1%2Fdecamps_16689.pdf&rft.identifier=++D%C3%A9camps%2C+Jean-Paul+%3Chttps%3A%2F%2Fwww.idref.fr%2F075922827%3E%2C+Gryglewicz%2C+S.%2C+Morellec%2C+E.+and+Villeneuve%2C+St%C3%A9phane+%3Chttps%3A%2F%2Fwww.idref.fr%2F061507105%3E++(2015)+Corporate+Policies+with+Temporary+and+Permanent+Shocks.++TSE+Working+Paper%2C+n.+15-552%2C+Toulouse+++++&rft.relation=http%3A%2F%2Ftse-fr.eu%2Fpub%2F28979&rft.language=en