Does Cash Hoarding Represent Excessive Conservatism or Opportunism of CEOs in pre-and post- crisis of 2008?

The aim of this paper is to define and isolate the drivers speculative cash hoarding phenomena in publicly traded non-financial American firms before after financial crisis 2008. model presented uses previous literature defined transaction precautionary motives for holding as control variables, introduces new measures market endorsement economic conditions, that were never used context. Empirical results show accumulation prominent among profitable firms, excess ongoing needs companies was endorsed by markets both Results also support findings financially unconstrained have a lesser need hoarding. contribution body related management five-fold: (i) it provides empirical evidence market-endorsed US companies; (ii) extends existing models transaction-related holdings include, formally test sector; (iii) defines tests metric sentiment 2008; (iv) 2008 anticipated corporate sector early 2005, recovery from predicted Q2:08; (v) quantifies border separating accumulation.