Corporate Liquidity

  title={Corporate Liquidity},
  author={Amy K. Dittmar and Jan Mahrt-Smith and Henri Servaes},
  journal={Tuck-JFQA Contemporary Corporate Governance Issues II Conference (Archive)},
  • Amy K. Dittmar, Jan Mahrt-Smith, Henri Servaes
  • Published 2002
  • Tuck-JFQA Contemporary Corporate Governance Issues II Conference (Archive)
  • Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good shareholder protection. In addition, when shareholder protection is poor, factors that generally drive the need for liquidity, such as investment opportunities and asymmetric information, actually become less… CONTINUE READING
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