• DOI:10.1016/S0304-405X(99)00003-3
Corpus ID: 158865319

The Determinants and Implications of Corporate Cash Holdings

@inproceedings{Opler1997TheDA,
  title={The Determinants and Implications of Corporate Cash Holdings},
  author={T. Opler and Lee Pinkowitz and Ren{\'e} M. Stulz and R. Williamson},
  year={1997}
}

T. Opler, Lee Pinkowitz, +1 author R. Williamson

Published 1997

Business, Economics

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, we find evidence supportive of a static tradeoff model of cash holdings. In particular, firms with strong growth opportunities and riskier cash flows hold relatively high ratios of cash to total non-cash assets. Firms that have the greatest access to the capital markets, such as large firms and those… CONTINUE READING

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