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

By A. Bruinshoofd and C.J.M. Kool


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

Topics: Corporate Liquidity Management, Non-linear Adjustment, Endogenous Thresholds, Panel Approach
Year: 2006
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