Risk and Corporate Holdings of Highly Liquid Assets
نویسندگان
چکیده
* Both authors are affiliated with the Department of Finance, Hong Kong University of Science and Technology, Clear Water Bay, Kowloon, Hong Kong. The second author is also affiliated with the University of British Columbia. We would like to thank K. C. Chan, Sudipto Dasgupta, Vojislav Maksimovic, Anjan Thakor, Sheridan Titman, and the seminar participants at the Hong Kong University of Science and Technology for helpful comments.
منابع مشابه
Determinants of Corporate Cash Holdings
The paper explores the driving forces behind corporate cash holdings by analyzing past literature and extending this research to the behavior of firms after the 2008 recession. I look at the cash to assets and net debt to assets ratios from October 1980 to October 2011 to obtain an understanding of the past and current state of cash holdings. A comprehensive literature review is done on agency ...
متن کاملThe Survey Relationship between Growth Opportunities, Corpo-rate Risk and Changes in Cash Holdings
The aim of this study was to investigate the relationship between growth opportunities, risks, and relative changes in the Company's cash assets. This study is a literature study and analysis was based on an analysis of panel data. In this study, a financial data of 112 companies listed in Tehran Stock Exchange during the period 2009 to 2014 have been reviewed. The results in relation to the fi...
متن کاملThe Impact of Liquidity on Iranian Bank Profitability
This paper analyzes the impact of liquid asset holdings on bank profitability for a sample of Iranian banks. Using the Generalized Method of Moment (GMM), this study analyzes the profitability of listed banks using unbalanced panel data over the period of 2002-2009. We use the liquidity asset and liquidity asset-ratio square for estimating liquid asset and profitability relationship. The e...
متن کاملTHE WILLIAM DAVIDSON INSTITUTE AT THE UNIVERSITY OF MICHIGAN Corporate Cash Holdings, National Culture, and Multinationality
We examine the relations between national cultures, the multinationality of the firm and its holdings of cash. We develop several hypotheses from well known corporate finance theories and theories of the multinational firm, positing that cultural factors as well as the degree of multinationality of firms influence their decisions to hold cash. In particular, firms in countries with high uncerta...
متن کاملRising Intangible Capital, Shrinking Debt Capacity, and the US Corporate Savings Glut
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 d...
متن کامل