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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