NBER最新工作论文连载（1.6-1.12）（下）

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编者按： 美国全国经济研究所（NBER）是美国最大的经济学研究组织，其发布的 工作论文代表着经济学研究最新的成果， 每周一发布新论文 。本周（1.6-1.12）共发布 19 篇新工作论文，本期将会推送最后 6 篇论文的题目与摘要，供读者学习。 学术财经研究团队翻译。 1 Corporate Resiliency and the Choice Between Financial and Operational Hedging 企业韧性与财务对冲与运营对冲的选择 Viral V. Acharya, Heitor Almeida, Yakov Amihud, and Ping Liu #33340 Abstract: We investigate how firms manage financial default risk (on debt) and operational default risk (on delivery obligations). Financially constrained firms reduce operational hedging through inventory and supply chain in favor of cash holdings. Our model predicts that firms’ markup increases with financial default risk as they cut operational hedging costs. Empirical analysis confirms this prediction and shows that the markup-credit ris ………………………………