JOURNAL OF ECONOMIC DYNAMICS & CONTROL 28(1) 189-205 2003年10月 [査読有り]
This paper examines the behavior of liquidity-constrained firms in a time-series. It illustrates that cash-shortage expectations induce a firm to hold liquid assets, which reveal a nonlinear relationship with the degree of financing constraints. T...
JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES 15(2) 160-177 2001年6月 [査読有り]
This paper examines the determinants of trade credit in Japanese manufacturing companies. The empirical analysis presents evidence that the volume of trade credit is influenced not only by transactional factors hut also by financial positions. The...