Original paper
Real Volatilities and Financial Policies Around the World
Abstract
Although developing economies are more volatile, firms in developed countries hold more cash and less debt. null We show that despite greater aggregate and industry stability, the performance and balance sheets of individual firms in developed countries are more volatile. null In developing countries, market imperfections insulate incumbent firms from competitive risk. null Cross-country differences in firm rivalry and cash flow risk are greater...
Paper Details
Title
Real Volatilities and Financial Policies Around the World
Published Date
Jan 1, 2013
Journal
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Notes
History