The impact of macroeconomic uncertainty on non-financial firms' demand for liquidity: A note
AbstractIn an influential article, Baum et al. (2006) proposed a novel approach to dealing with uncertainty through conditional variability, as reflected in their Eq. (C.6) of the article. This crucial result in their Eq. (C.6) is, however, incorrect. In this Note, I provide a derivation for the correct result and perform numerical evaluations.
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Bibliographic InfoArticle provided by Elsevier in its journal Review of Financial Economics.
Volume (Year): 19 (2010)
Issue (Month): 4 (October)
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Web page: http://www.elsevier.com/locate/inca/620170
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