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Financial Distress, Liquidity Policy, and Financing Policy: A Comparison of Korea and the United States
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Lee, Hae Young | - |
dc.contributor.author | Fields, M. Andrew | - |
dc.date.accessioned | 2009-11-27T04:39:10Z | - |
dc.date.available | 2009-11-27T04:39:10Z | - |
dc.date.issued | 2003 | - |
dc.identifier.citation | 증권금융, Vol.02, pp. 159-177 | - |
dc.identifier.uri | https://hdl.handle.net/10371/16581 | - |
dc.description.abstract | This paper develops models for identifying the interrelationship between a firm's probability of financial distress and both its liquidity and financial policy decisions. And it empirically investigates the models using both Korea Stock Exchange firm panel data and those of a matched industry sample of Nasdaq firms from the United States. The results for both the Korean and the U.S. samples provide strong evidence that a higher level of liquidity and a lower level of debt are consistent with a firm having a lower probability of financial distress. Results also show that financial distress and financial policy are important determinants of a firm's liquidity policy. Finally, results show that there is a negative relationship between liquidity policy and debt financing, and a positive relationship between financial distress and the level of debt financing. | - |
dc.language.iso | en | - |
dc.publisher | 서울대학교 증권.금융연구소 | - |
dc.subject | Literature | - |
dc.subject | Methodology | - |
dc.title | Financial Distress, Liquidity Policy, and Financing Policy: A Comparison of Korea and the United States | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | 이해영 | - |
dc.citation.journaltitle | 증권금융 | - |
dc.citation.endpage | 177 | - |
dc.citation.pages | 159-177 | - |
dc.citation.startpage | 159 | - |
dc.citation.volume | 2 | - |
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