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The Determinants and Implications of Corporate Cash Holdings
Abstract We examine the determinants and implications of holdings of cash and marketable securities by publicly traded U.S. firms in the 1971–1994 period. In time-series and cross-section tests, weExpand
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Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross‐country Analysis
Agency theories predict that the value of corporate cash holdings is less in countries with poor investor protection because of the greater ability of controlling shareholders to extract privateExpand
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Bank Power and Cash Holdings: Evidence from Japan
Using industrial firms from the United States, German, and Japan, we examine the effect of bank power on cash holdings. We show that Japanese firms hold more cash than U.S. or German firms. We alsoExpand
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What is a Dollar Worth? The Market Value of Cash Holdings
A curious fact of financial markets is that some firms have cash holdings in excess of their market value. To highlight this point, the Wall Street Journal reported that several firms had negativeExpand
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Do U.S. firms hold more cash than foreign firms do
From 1998 to 2011, U.S. firms held more cash on average (but not at the median) than similar foreign firms (foreign twins) did. The average difference in cash holdings does not increase after 2008,Expand
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There have been several cases in recent years-most notably, Chrysler-in which shareholders have objected to the level of companies' holdings of cash and other liquid assets. This paper describes theExpand
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Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?
Managers make different decisions in countries with poor protection of investor rights and poor financial development. One possible explanation is that shareholder-wealth maximizing managers faceExpand
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Multinationals and the High Cash Holdings Puzzle
Defining as normal cash holdings the holdings a firm with the same characteristics would have had in the late 1990s, we find that the abnormal cash holdings of U.S. firms after the crisis representExpand
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Is there a U.S. High Cash Holdings Puzzle after the Financial Crisis
Defining normal cash holdings as the holdings a firm with the same characteristics would have had in the late 1990s, we find that the average abnormal cash holdings of U.S. firms after the financialExpand
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