کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1708670 1012829 2012 5 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Firm behavioral response to multiple sources of risky cash flow
موضوعات مرتبط
مهندسی و علوم پایه سایر رشته های مهندسی مکانیک محاسباتی
پیش نمایش صفحه اول مقاله
Firm behavioral response to multiple sources of risky cash flow
چکیده انگلیسی

We extend previous research to demonstrate that risk-averse firms can appear to be risk-seeking when facing multiple sources of risky cash flow. While our model requires that cash flows from operations are independently, uniformly distributed, we are able to demonstrate that three previous derived results hold with multiple sources of risk. Using chance constrained programming, we demonstrate that binding probability constraints can cause (1) a higher degree of aversion to illiquidity to induce increased risk taking; (2) apparent risk-seeking behavior; and (3) an increase in endowment to lead to lower expected profit.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Applied Mathematics Letters - Volume 25, Issue 10, October 2012, Pages 1389–1393
نویسندگان
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