Rising Intangible Capital , Shrinking Debt Capacity , and the US Corporate Savings Glut

  title={Rising Intangible Capital , Shrinking Debt Capacity , and the US Corporate Savings Glut},
  author={Dalida Kadyrzhanova},
  • Dalida Kadyrzhanova
  • Published 2013
This paper explores the hypothesis that the rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. Using a new measure, we show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other determinants together. We then develop a new dynamic dynamic model of corporate cash holdings with two… CONTINUE READING
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