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SSRN Electronic Journal, 2009
We use a dynamic cash management model in which firms face competitive pressure to show that product market competition increases the cash holdings as well as the size and frequency of equity issues of financially constrained firms. We test these predictions on Compustat firms for the period 1980-2007 and show that product market competition has first ...
Morellec, Erwan +2 more
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We use a dynamic cash management model in which firms face competitive pressure to show that product market competition increases the cash holdings as well as the size and frequency of equity issues of financially constrained firms. We test these predictions on Compustat firms for the period 1980-2007 and show that product market competition has first ...
Morellec, Erwan +2 more
openaire +2 more sources
2023
Abstract This chapter presents trends for corporate cash holdings and lists the pros and cons of such holdings. The costs of insufficient cash, referred to as “ripple effects,” are discussed in detail. They arise because the firm is unable to invest in value-enhancing projects, must raise expensive external capital, or is forced to sell ...
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Abstract This chapter presents trends for corporate cash holdings and lists the pros and cons of such holdings. The costs of insufficient cash, referred to as “ripple effects,” are discussed in detail. They arise because the firm is unable to invest in value-enhancing projects, must raise expensive external capital, or is forced to sell ...
openaire +1 more source
Journal of Applied Corporate Finance, 2001
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 the authors' study of the determinants of liquid asset holdings by publicly traded U.S. firms and how these holdings change over time. For those companies that
Tim Opler +3 more
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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 the authors' study of the determinants of liquid asset holdings by publicly traded U.S. firms and how these holdings change over time. For those companies that
Tim Opler +3 more
openaire +1 more source
Value of Cash Holdings and Accounting Conservatism
SSRN Electronic Journal, 2011We posit that accounting conservatism could mitigate the value destruction associated with increases in cash holdings. Consistent with this conjecture, we find that the market value of an additional dollar in cash holdings increases in accounting conservatism.
Urcan, O, Louis, H, Sun, A X
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Public Finance Review, 2010
This study examines the determinants and implications of nonprofit cash holdings. Based on agency theory and traditional literature of cash holdings, the author develop and test a number of predictions about nonprofit cash holdings. Several important findings can be highlighted.
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This study examines the determinants and implications of nonprofit cash holdings. Based on agency theory and traditional literature of cash holdings, the author develop and test a number of predictions about nonprofit cash holdings. Several important findings can be highlighted.
openaire +1 more source
Cash Holdings, Market Frictions and Monetary Policy: An Investigation of Increase in Cash Holdings
SSRN Electronic Journal, 2011We investigate the secular increase in the corporate cash holding over the period 1980-2006. We show that along with firm characteristic–related variables, monetary policy and banking structure have a significant bearing on corporate cash holdings, as they determine the opportunity cost of holding cash as well as access to cash.
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Empirical Essays on Corporate Cash Holdings [PDF]
, 2019 Cash holdings is an important factor in the determination of corporate financing policy providing unconditional liquidity available at any given time. The recent Global Financial Crisis also highlights the importance of corporate cash holdings. In this thesis, we examine the marginal value of cash holdings under different economic conditions, combining
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Board characteristics and corporate cash holding: evidence from the UK, France and Germany
International Journal of Accounting and Information Management, 2023Ernest Ezeani, Frank Kwabi
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Corporate Governance and Cash Holding: New Insights from Concentrated and Competitive Industries
Sustainability, 2021Daniel Badulescu +1 more
exaly