메뉴 건너뛰기




Volumn 64, Issue 5, 2009, Pages 1985-2021

Why do U.S. firms hold so much more cash than they used to?

Author keywords

[No Author keywords available]

Indexed keywords


EID: 70349487039     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2009.01492.x     Document Type: Article
Times cited : (1994)

References (33)
  • 1
    • 34648830566 scopus 로고    scopus 로고
    • Is cash negative debt? A hedging perspective on corporate financial policies
    • Acharya, Viral A., Heitor Almeida, and Murillo Campello, 2007, Is cash negative debt? A hedging perspective on corporate financial policies, Journal of Financial Intermediation 16, 515 554.
    • (2007) Journal of Financial Intermediation , vol.16 , pp. 515-554
    • Acharya, V.A.1    Almeida, H.2    Campello, M.3
  • 3
    • 84963017835 scopus 로고
    • The transactions demand for cash: An inventory theoretic approach
    • Baumol, William J., 1952, The transactions demand for cash: An inventory theoretic approach, Quarterly Journal of Economics 66, 545 556.
    • (1952) Quarterly Journal of Economics , vol.66 , pp. 545-556
    • Baumol, W.J.1
  • 4
    • 70349500149 scopus 로고    scopus 로고
    • The idiosyncratic volatility puzzle: Time trend or speculative episodes
    • forthcoming
    • Brandt, Michael W., Alon Brav, John R. Graham, and Alok Kumar, 2009, The idiosyncratic volatility puzzle: Time trend or speculative episodes Review of Financial Studies forthcoming.
    • (2009) Review of Financial Studies
    • Brandt, M.W.1    Brav, A.2    Graham, J.R.3    Kumar, A.4
  • 5
    • 34247218482 scopus 로고    scopus 로고
    • Firm-specific risk and equity market development
    • Brown, Gregory, and Nishad Kapadia, 2007, Firm-specific risk and equity market development, Journal of Financial Economics 84, 358 388.
    • (2007) Journal of Financial Economics , vol.84 , pp. 358-388
    • Brown, G.1    Kapadia, N.2
  • 6
    • 43849109726 scopus 로고    scopus 로고
    • Robust Inference with Multi-Way Clustering
    • University of California, Davis
    • Cameron, A. Colin, Jonah B. Gelbach, and Douglas L. Miller, 2006, Robust inference with multi-way clustering, Working paper, University of California, Davis.
    • (2006) Working Paper
    • Cameron, A.C.1    Gelbach, J.B.2    Miller, D.L.3
  • 7
    • 0002519023 scopus 로고    scopus 로고
    • Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk
    • Campbell, John Y., Martin Lettau, Burton G. Malkiel, and Yexiao Xu, 2001, Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk, Journal of Finance 56, 1 43. (Pubitemid 33581652)
    • (2001) Journal of Finance , vol.56 , Issue.1 , pp. 1-43
    • Campbell, J.Y.1    Lettau, M.2    Malkiel, B.G.3    Xu, Y.4
  • 8
    • 33847233238 scopus 로고    scopus 로고
    • Corporate governance and the value of cash holdings
    • Dittmar, Amy, and Jan Mahrt-Smith, 2007, Corporate governance and the value of cash holdings, Journal of Financial Economics 83, 599 634.
    • (2007) Journal of Financial Economics , vol.83 , pp. 599-634
    • Dittmar, A.1    Mahrt-Smith, J.2
  • 10
    • 0038694468 scopus 로고    scopus 로고
    • Taxes, financing decisions, and firm value
    • Fama, Eugene F., and Kenneth R. French, 1998, Taxes, financing decisions, and firm value, Journal of Finance 53, 819 843.
    • (1998) Journal of Finance , vol.53 , pp. 819-843
    • Fama, E.F.1    French, K.R.2
  • 11
    • 0003164748 scopus 로고    scopus 로고
    • Disappearing dividends: Changing firm characteristics or lower propensity to pay
    • Fama, Eugene F., and Kenneth R. French, 2001, Disappearing dividends: Changing firm characteristics or lower propensity to pay Journal of Financial Economics 60, 3 43.
    • (2001) Journal of Financial Economics , vol.60 , pp. 3-43
    • Fama, E.F.1    French, K.R.2
  • 12
    • 3242803590 scopus 로고    scopus 로고
    • New lists: Fundamentals and survival rates
    • Fama, Eugene F., and Kenneth R. French, 2004, New lists: Fundamentals and survival rates, Journal of Financial Economics 73, 229 269.
    • (2004) Journal of Financial Economics , vol.73 , pp. 229-269
    • Fama, E.F.1    French, K.R.2
  • 13
    • 33746781777 scopus 로고    scopus 로고
    • Corporate financial policy and the value of cash
    • Faulkender, Michael, and Rong Wang, 2006, Corporate financial policy and the value of cash, Journal of Finance 61, 1957 1990.
    • (2006) Journal of Finance , vol.61 , pp. 1957-1990
    • Faulkender, M.1    Wang, R.2
  • 15
    • 84993843447 scopus 로고
    • Risk management: Coordinating corporate investment and financing policies
    • Froot, Kenneth A., David S. Scharfstein, and Jeremy C. Stein, 1993, Risk management: Coordinating corporate investment and financing policies, Journal of Finance 48, 1629 1658.
    • (1993) Journal of Finance , vol.48 , pp. 1629-1658
    • Froot, K.A.1    Scharfstein, D.S.2    Stein, J.C.3
  • 18
    • 34548301912 scopus 로고    scopus 로고
    • Corporate precautionary cash holdings
    • Han, Seungjin, and Jiaping Qiu, 2007, Corporate precautionary cash holdings, Journal of Corporate Finance 13, 43 57.
    • (2007) Journal of Corporate Finance , vol.13 , pp. 43-57
    • Han, S.1    Qiu, J.2
  • 20
    • 34247616049 scopus 로고    scopus 로고
    • The influence of product market dynamics on the firm's cash holdings and hedging behavior
    • Haushalter, David, Sandy Klasa, and William Maxwell, 2007, The influence of product market dynamics on the firm's cash holdings and hedging behavior, Journal of Financial Economics 84, 797 825.
    • (2007) Journal of Financial Economics , vol.84 , pp. 797-825
    • Haushalter, D.1    Klasa, S.2    Maxwell, W.3
  • 21
    • 60449087902 scopus 로고    scopus 로고
    • Idiosyncratic return volatility, cash flows, and product market competition
    • Irvine, Paul J., and Jeffrey E. Pontiff, 2008, Idiosyncratic return volatility, cash flows, and product market competition, Review of Financial Studies, 22, 1149 1177.
    • (2008) Review of Financial Studies , vol.22 , pp. 1149-1177
    • Irvine, P.J.1    Pontiff, J.E.2
  • 22
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen, Michael, 1986, Agency costs of free cash flow, corporate finance and takeovers, American Economic Review 76, 323 329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 23
    • 6344270172 scopus 로고    scopus 로고
    • Why has IPO underpricing changed over time
    • Loughran, Tim, and Jay Ritter, 2004, Why has IPO underpricing changed over time Financial Management 33, 5 37.
    • (2004) Financial Management , vol.33 , pp. 5-37
    • Loughran, T.1    Ritter, J.2
  • 24
    • 84960603393 scopus 로고
    • A model of the demand for money by firms
    • Miller, Merton H., and Daniel Orr, 1966, A model of the demand for money by firms, Quarterly Journal of Economics 80, 413 435.
    • (1966) Quarterly Journal of Economics , vol.80 , pp. 413-435
    • Miller, M.H.1    Orr, D.2
  • 25
    • 0033472983 scopus 로고    scopus 로고
    • The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing
    • Minton, Bernadette A., and Catherine Schrand, 1999, The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing, Journal of Financial Economics 54, 423 460.
    • (1999) Journal of Financial Economics , vol.54 , pp. 423-460
    • Minton, B.A.1    Schrand, C.2
  • 26
    • 0031409017 scopus 로고    scopus 로고
    • Scale economies, the value of time, and the demand for money: Longitudinal evidence from firms
    • Mulligan, Casey B., 1997, Scale economies, the value of time, and the demand for money: Longitudinal evidence from firms, Journal of Political Economy 105, 1061 1079.
    • (1997) Journal of Political Economy , vol.105 , pp. 1061-1079
    • Mulligan, C.B.1
  • 27
    • 0000706085 scopus 로고
    • A simple positive semi-definite heteroskedasticity and autocorrelation consistent covariance matrix
    • Newey, Whitney K., and Kenneth D. West, 1987, A simple positive semi-definite heteroskedasticity and autocorrelation consistent covariance matrix, Econometrica 55, 703 708.
    • (1987) Econometrica , vol.55 , pp. 703-708
    • Newey, W.K.1    West, K.D.2
  • 29
    • 70349508469 scopus 로고    scopus 로고
    • Why are entrenched managers more likely to pay dividends
    • The Ohio State University
    • Pan, Carrie, 2007, Why are entrenched managers more likely to pay dividends Working paper, The Ohio State University.
    • (2007) Working Paper
    • Pan, C.1
  • 30
    • 33746845873 scopus 로고    scopus 로고
    • Do firms in countries with poor protection of investor rights hold more cash
    • Pinkowitz, Lee, René M. Stulz, and Rohan Williamson, 2006, Do firms in countries with poor protection of investor rights hold more cash Journal of Finance 61, 2725 2751.
    • (2006) Journal of Finance , vol.61 , pp. 2725-2751
    • Pinkowitz, L.1    Stulz, R.M.2    Williamson, R.3
  • 31
    • 33846261125 scopus 로고    scopus 로고
    • What is a dollar worth? the market value of cash holdings
    • Georgetown University
    • Pinkowitz, Lee, and Rohan Williamson, 2004, What is a dollar worth? The market value of cash holdings, Working paper, Georgetown University.
    • (2004) Working Paper
    • Pinkowitz, L.1    Williamson, R.2
  • 32
    • 68249159913 scopus 로고    scopus 로고
    • The corporate propensity to save
    • Riddick, Leigh A., and Toni M. Whited, 2009, The corporate propensity to save, Journal of Finance 64, 1729 1766.
    • (2009) Journal of Finance , vol.64 , pp. 1729-1766
    • Riddick, L.A.1    Whited, T.M.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.