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The Paradox of Liquidity / Stewart C. Myers, Raghuram G. Rajan.
- Format:
- Book
- Author/Creator:
- Myers, Stewart C.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w5143.
- NBER working paper series no. w5143
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1995.
- Summary:
- The more liquid a company's assets, the greater their value in a short-notice liquidation. Liquid assets are generally viewed as increasing debt capacity, other things being equal. This paper focusses on the dark side of liquidity: greater liquidity reduces the ability of borrowers to commit to a specific course of action. It examines the effects of differences in asset liquidity on debt capacity. It suggests an alternative theory of financial intermediation and disintermediation.
- Notes:
- Print version record
- June 1995.
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