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Article

Экономика дефицитного финансирования: сколько стоит ликвидность?

Корпоративные финансы. 2014. № 3 (31). С. 38-54.

The article introduces business liquidity concept as the third (in addition to risk and return metrics) determinant of company performance. The issues discussed include the analysis of key liquidity elements and the influence of agency costs, uncertainty and market incompleteness on financial decisions. We analyze in details the firm liquidity model based on the assumption of negative marginal rate of substitution between business value and liquidity in the situation of scarce external financing.