haku: @author Pinkowitz, L. / yhteensä: 3
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| Tekijä: | Opler, T. Pinkowitz, L. Stulz, R. |
| Otsikko: | The determinants and implications of corporate cash holdings |
| Lehti: | Journal of Financial Economics
1999 : APR, VOL. 52:1, p. 3-46 |
| Asiasana: | Cash flow Capital markets Shareholders Wealth Theories Models USA |
| Kieli: | eng |
| Tiivistelmä: | In this paper, examined are the determinants and implications of holdings of cash and marketable securities by publicly traded U.S. firms from 1971 to 1994. There is evidence found supportive of a static trade-off model of cash holdings. Particularly, 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 tend to hold lower ratios of cash to total non-cash assets. Evidence is also found that well-to-do firms tend to accumulate more cash than predicted by the static tradeoff model. There is little evidence that excess cash has a large short-run impact on capital expenditures. |
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