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We present such a model and use it to survey many of the empirical findings on liquidity management. In addition, we discuss agency-based theories of liquidity, the real effects of liquidity choices, and the impact of the 2008\u20132009 Financial Crisis on firms\u2019 liquidity management. <\/jats:p>","DOI":"10.1146\/annurev-financial-110613-034502","type":"journal-article","created":{"date-parts":[[2014,10,23]],"date-time":"2014-10-23T22:02:05Z","timestamp":1414101725000},"page":"135-162","source":"Crossref","is-referenced-by-count":195,"title":["Corporate Liquidity Management: A Conceptual Framework and Survey"],"prefix":"10.1146","volume":"6","author":[{"given":"Heitor","family":"Almeida","sequence":"first","affiliation":[{"name":"College of Business, University of Illinois, Champaign, Illinois 61820;"},{"name":"National Bureau of Economic Research, Cambridge, Massachusetts 02138"}]},{"given":"Murillo","family":"Campello","sequence":"additional","affiliation":[{"name":"National Bureau of Economic Research, Cambridge, Massachusetts 02138"},{"name":"Samuel Curtis Johnson Graduate School of Management, Cornell University, Ithaca, New York 14853:"}]},{"given":"Igor","family":"Cunha","sequence":"additional","affiliation":[{"name":"Nova School of Business and Economics, Lisbon, Portugal 1099-032;"}]},{"given":"Michael S.","family":"Weisbach","sequence":"additional","affiliation":[{"name":"National Bureau of Economic Research, Cambridge, Massachusetts 02138"},{"name":"Department of Finance, Fisher College of Business, Ohio State University, Columbus, Ohio 43210;"},{"name":"Stockholm Institute for Financial Research, Stockholm, 113 60, Sweden"}]}],"member":"22","reference":[{"key":"B1","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12056"},{"key":"B2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2014.02.001"},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfi.2007.04.001"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhs106"},{"key":"B5","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhm019"},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2011.08.002"},{"key":"B7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2004.00679.x"},{"key":"B8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2009.04.001"},{"key":"B9","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2009.01492.x"},{"key":"B10","doi-asserted-by":"publisher","DOI":"10.2307\/1926311"},{"key":"B11","doi-asserted-by":"publisher","DOI":"10.2307\/2331244"},{"key":"B12","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2011.01681.x"},{"key":"B13","first-page":"93","volume":"80","author":"Bolton P","year":"1990","journal-title":"Am. 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