نتایج جستجو برای: estimated optimum cash holdings
تعداد نتایج: 348699 فیلتر نتایج به سال:
This paper examines how equity analysts affect corporate liquidity policy and the value of cash. Greater analyst coverage reduces information asymmetry between a firm and outside shareholders and enhances the monitoring process, in turn increasing the value of cash and allowing firms to hold more cash. The cash-to-assets ratio increases by 5.2 percentage points when moving from the bottom analy...
We examine whether and how a US cross-listing mitigates the risk that insiders will turn their firm’s cash holdings into private benefits. We find strong evidence that the value investors attach to excess cash reserves is substantially larger for foreign firms listed on US exchanges and over-the-counter than for their domestic peers. Further, we show that this excess-cash premium stems not only...
Enhanced stock liquidity increases a firm’s propensity to hold cash. This is surprising given the view that improved reduces financial constraints. We propose firms have repurchase motive for holding Higher strengthens this incentive. Consistent with this, more liquid increase cash holdings relatively when restrictions repurchases are eased. The effect of on not influenced by access credit mark...
Using data from 41 countries, we provide novel empirical evidence that firms’ cash holdings are positively associated with their climate change exposure. This is robust to different model specifications and survives a battery of tests ease concerns related spurious correlation omitted variable bias. the release Stern Review as an exogenous shock awareness, show this association becomes signific...
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