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This paper examines the dividend and investment policies of a cashconstrained firm that has access to costly external funding. We depart from theliterature by allowing the firm to issue collateralized debt to increase itsinvestment in productive assets resulting in a performance sensitive interestrate on debt. We formulate this problem as a bi-dimensional singular controlproblem and use both a viscosity solution approch and a verification techniqueto get qualitative properties of the value function. We further solvequasi-explicitly the control problem in two special cases.

Liquidity Management with Decreasing-returns-to-scale and Secured Credit Line