2 papers
q-fin.CP2016
Numerical approximation of a cash-constrained firm value with investment opportunities
Erwan Pierre, Stéphane Villeneuve, Xavier Warin
We consider a singular control problem with regime switching that arises in problems of optimal investment decisions of cash-constrained firms. The value function is proved to be t…
q-fin.PM2014
Liquidity Management with Decreasing-returns-to-scale and Secured Credit Line
Erwan Pierre, Stéphane Villeneuve, Xavier Warin
This paper examines the dividend and investment policies of a cash constrained firm that has access to costly external funding. We depart from the literature by allowing the firm t…