Inventory Behavior and Financial Constraints: Theory and Evidence
Publication in refereed journal

香港中文大學研究人員

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摘要We model the interaction of financial constraints, capacity constraints, and the response of production and inventory to cost and demand shocks. The model predicts that in response to favorable shocks, financially constrained firms are unable to build inventory as rapidly as are unconstrained firms. However, because the favorable shocks gradually ease the financial constraints, constrained firms continue to build inventory and eventually carry surplus inventory (relative to unconstrained firms) to unfavorable states. This allows them to deplete inventory more aggressively in response to unfavorable shocks. Our empirical evidence provides broad support for the model’s predictions.
出版社接受日期12.01.2018
著者Sudipto Dasgupta, Erica X N Li, Dong Yan
期刊名稱Review of Financial Studies
出版年份2019
月份3
卷號32
期次3
出版社Oxford University Press
頁次1188 - 1233
國際標準期刊號0893-9454
電子國際標準期刊號1465-7368
語言英式英語

上次更新時間 2021-14-01 於 00:44