메뉴 건너뛰기




Volumn 39, Issue 3, 2010, Pages 1197-1222

Excess Cash and Stock Returns

Author keywords

[No Author keywords available]

Indexed keywords


EID: 78649482156     PISSN: 00463892     EISSN: 1755053X     Source Type: Journal    
DOI: 10.1111/j.1755-053X.2010.01109.x     Document Type: Article
Times cited : (96)

References (41)
  • 2
    • 33645064837 scopus 로고    scopus 로고
    • Empirical Evidence on Capital Investment, Growth Options, and Security Returns
    • Anderson, C.W. and L. Garcia-Feijóo, 2006, "Empirical Evidence on Capital Investment, Growth Options, and Security Returns, "Journal of Finance 61, 171-194.
    • (2006) Journal of Finance , vol.61 , pp. 171-194
    • Anderson, C.W.1    Garcia-Feijóo, L.2
  • 3
    • 70349487039 scopus 로고    scopus 로고
    • Why Do U.S. Firms Hold So Much More Cash Than They Used To?
    • Bates, T.W., K.T. Kahle, and R. Stulz, 2009, "Why Do U.S. Firms Hold So Much More Cash Than They Used To? Journal of Finance 65, 1985-2021.
    • (2009) Journal of Finance , vol.65 , pp. 1985-2021
    • Bates, T.W.1    Kahle, K.T.2    Stulz, R.3
  • 4
    • 0007980113 scopus 로고    scopus 로고
    • Optimal Investment, Growth Options, and Security Returns
    • Berk, J., R.C. Green, and V. Naik, 1999, "Optimal Investment, Growth Options, and Security Returns, "Journal of Finance 54, 1553-1607.
    • (1999) Journal of Finance , vol.54 , pp. 1553-1607
    • Berk, J.1    Green, R.C.2    Naik, V.3
  • 6
    • 0002624840 scopus 로고    scopus 로고
    • On Persistence in Mutual Fund Performance
    • Carhart, M.M., 1997, "On Persistence in Mutual Fund Performance, "Journal of Finance 52, 57-82.
    • (1997) Journal of Finance , vol.52 , pp. 57-82
    • Carhart, M.M.1
  • 7
    • 4344650584 scopus 로고    scopus 로고
    • Corporate Investment and Asset Price Dynamics: Implications for the Cross-Section of Returns
    • Carlson, M., A. Fisher, and R. Giammarino, 2004, "Corporate Investment and Asset Price Dynamics: Implications for the Cross-Section of Returns, "Journal of Finance 59, 2577-2603.
    • (2004) Journal of Finance , vol.59 , pp. 2577-2603
    • Carlson, M.1    Fisher, A.2    Giammarino, R.3
  • 8
    • 33745728787 scopus 로고    scopus 로고
    • Corporate Investment and Asset Price Dynamics: Implications for SEO Event Studies and Long-Run Performance
    • Carlson, M., A. Fisher, and R. Giammarino, 2006, "Corporate Investment and Asset Price Dynamics: Implications for SEO Event Studies and Long-Run Performance, "Journal of Finance 61, 1009-1034.
    • (2006) Journal of Finance , vol.61 , pp. 1009-1034
    • Carlson, M.1    Fisher, A.2    Giammarino, R.3
  • 9
    • 36049046636 scopus 로고    scopus 로고
    • Intra-Industry Effects of Corporate Capital Investment Announcements
    • Chen, S., L. Ho, and Y. Shih, 2007, "Intra-Industry Effects of Corporate Capital Investment Announcements, "Financial Management 36, 1-21.
    • (2007) Financial Management , vol.36 , pp. 1-21
    • Chen, S.1    Ho, L.2    Shih, Y.3
  • 10
    • 47749103670 scopus 로고    scopus 로고
    • Asset Growth and the Cross-Section of Stock Returns
    • Cooper, M.J., H. Gulen, and M.J. Schill, 2008, "Asset Growth and the Cross-Section of Stock Returns, "Journal of Finance 63, 1609-1651.
    • (2008) Journal of Finance , vol.63 , pp. 1609-1651
    • Cooper, M.J.1    Gulen, H.2    Schill, M.J.3
  • 11
    • 33746838431 scopus 로고    scopus 로고
    • Market Reactions to Tangible and Intangible Information
    • Daniel, K. and S. Titman, 2006, "Market Reactions to Tangible and Intangible Information, "Journal of Finance 61, 1605-1643.
    • (2006) Journal of Finance , vol.61 , pp. 1605-1643
    • Daniel, K.1    Titman, S.2
  • 12
    • 0039030368 scopus 로고    scopus 로고
    • Characteristics, Covariances, and Average Returns: 1929 to 1997
    • Davis, J.L., E.F. Fama, and K.R. French, 2000, "Characteristics, Covariances, and Average Returns: 1929 to 1997, "Journal of Finance 55, 389-406.
    • (2000) Journal of Finance , vol.55 , pp. 389-406
    • Davis, J.L.1    Fama, E.F.2    French, K.R.3
  • 13
    • 33749638253 scopus 로고
    • Risk Measurement When Shares Are Subject to Infrequent Trading
    • Dimson, E., 1979, "Risk Measurement When Shares Are Subject to Infrequent Trading, "Journal of Financial Economics 7, 197-226.
    • (1979) Journal of Financial Economics , vol.7 , pp. 197-226
    • Dimson, E.1
  • 14
    • 33847233238 scopus 로고    scopus 로고
    • Corporate Governance and the Value of Cash Holdings
    • Dittmar, A. and J. 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
  • 15
    • 84977737676 scopus 로고
    • The Cross-Section of Expected Stock Returns
    • Fama, E.F. and K.R. French, 1992, "The Cross-Section of Expected Stock Returns, "Journal of Finance 47, 427-465.
    • (1992) Journal of Finance , vol.47 , pp. 427-465
    • Fama, E.F.1    French, K.R.2
  • 16
    • 38549147867 scopus 로고
    • Common Risk Factors in the Returns on Stocks and Bonds
    • Fama, E.F. and K.R. French, 1993, "Common Risk Factors in the Returns on Stocks and Bonds, "Journal of Financial Economics 33, 3-56.
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.F.1    French, K.R.2
  • 17
    • 0000928969 scopus 로고
    • Risk, Return, and Equilibrium: Empirical Tests
    • Fama, E.F. and J.D. MacBeth, 1973, "Risk, Return, and Equilibrium: Empirical Tests, "Journal of Political Economy 81, 607-636.
    • (1973) Journal of Political Economy , vol.81 , pp. 607-636
    • Fama, E.F.1    MacBeth, J.D.2
  • 18
    • 33746781777 scopus 로고    scopus 로고
    • Corporate Financial Policy and the Value of Cash
    • Faulkender, M. and R. 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
  • 20
    • 51749100246 scopus 로고    scopus 로고
    • The Value of Financial Flexibility
    • Gamba, A. and A. Triantis, 2008, "The Value of Financial Flexibility, "Journal of Finance 63, 2263-2296.
    • (2008) Journal of Finance , vol.63 , pp. 2263-2296
    • Gamba, A.1    Triantis, A.2
  • 22
    • 78649489657 scopus 로고    scopus 로고
    • Asset Liquidity and Stock Liquidity, Washington University in St. Louis Working Paper.
    • Gopalan, R., O. Kadan, and M. Pevzner, 2010, "Asset Liquidity and Stock Liquidity, "Washington University in St. Louis Working Paper.
    • (2010)
    • Gopalan, R.1    Kadan, O.2    Pevzner, M.3
  • 23
    • 78649452272 scopus 로고    scopus 로고
    • The Effect of Cash Reserves on Corporate Investment and Performance in Industry Downturns, University of Washington Working Paper.
    • Harford, J., W. Mikkelson, and M.M. Partch, 2003, "The Effect of Cash Reserves on Corporate Investment and Performance in Industry Downturns, "University of Washington Working Paper.
    • (2003)
    • Harford, J.1    Mikkelson, W.2    Partch, M.M.3
  • 24
    • 0030191640 scopus 로고    scopus 로고
    • Commonality in the Determinants of Expected Stock Returns
    • Haugen, R.A. and N.L. Baker, 1996, "Commonality in the Determinants of Expected Stock Returns, "Journal of Financial Economics 41, 401-439.
    • (1996) Journal of Financial Economics , vol.41 , pp. 401-439
    • Haugen, R.A.1    Baker, N.L.2
  • 25
    • 70350151677 scopus 로고    scopus 로고
    • Determinants of Investment Cash Flow Sensitivity
    • Hovakimian, G., 2009, "Determinants of Investment Cash Flow Sensitivity, "Financial Management 38, 161-183.
    • (2009) Financial Management , vol.38 , pp. 161-183
    • Hovakimian, G.1
  • 26
    • 84993907227 scopus 로고
    • Returns to Buying Winners and Selling Losers: Implications for Stock-Market Efficiency
    • Jegadeesh, N. and S. Titman, 1993, "Returns to Buying Winners and Selling Losers: Implications for Stock-Market Efficiency, "Journal of Finance 48, 65-91.
    • (1993) Journal of Finance , vol.48 , pp. 65-91
    • Jegadeesh, N.1    Titman, S.2
  • 27
    • 21344479515 scopus 로고
    • Accounting Measures of Corporate Liquidity, Leverage, and Costs of Financial Distress
    • John, T.A., 1993, "Accounting Measures of Corporate Liquidity, Leverage, and Costs of Financial Distress, "Financial Management 22, 91-100.
    • (1993) Financial Management , vol.22 , pp. 91-100
    • John, T.A.1
  • 29
    • 78649462639 scopus 로고    scopus 로고
    • Share Issuance and Cash Savings, Journal of Financial Economics, forthcoming.
    • McLean, R.D., 2010, "Share Issuance and Cash Savings, "Journal of Financial Economics, forthcoming.
    • (2010)
    • McLean, R.D.1
  • 31
    • 78649463292 scopus 로고    scopus 로고
    • Cash Holdings and Competition, Ecole Polytechnique Fédérale de Lausanne Working Paper.
    • Morellec, E. and B. Nikolov, 2009, "Cash Holdings and Competition, "Ecole Polytechnique Fédérale de Lausanne Working Paper.
    • (2009)
    • Morellec, E.1    Nikolov, B.2
  • 33
    • 78649478220 scopus 로고    scopus 로고
    • Firm's Cash Holdings and the Cross-Section of Equity Returns, Boston University Working Paper.
    • Palazzo, D., 2009, "Firm's Cash Holdings and the Cross-Section of Equity Returns, "Boston University Working Paper.
    • (2009)
    • Palazzo, D.1
  • 34
    • 33746845873 scopus 로고    scopus 로고
    • Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross-Country Analysis
    • Pinkowitz, L., R. Stulz, and R. Williamson, 2006, "Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross-Country Analysis, "Journal of Finance 61, 2725-2751.
    • (2006) Journal of Finance , vol.61 , pp. 2725-2751
    • Pinkowitz, L.1    Stulz, R.2    Williamson, R.3
  • 35
    • 78649454283 scopus 로고    scopus 로고
    • What Is a Dollar Worth? The Market Value of Cash Holdings, Georgetown University Working Paper.
    • Pinkowitz, L. and R. Williamson, 2004, "What Is a Dollar Worth? The Market Value of Cash Holdings, "Georgetown University Working Paper.
    • (2004)
    • Pinkowitz, L.1    Williamson, R.2
  • 36
    • 68249159913 scopus 로고    scopus 로고
    • The Corporate Propensity to Save
    • Riddick, L.A. and T.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
  • 37
    • 78649476393 scopus 로고    scopus 로고
    • Excess Cash and Mutual Fund Performance, University of British Columbia Working Paper.
    • Simutin, M., 2009, "Excess Cash and Mutual Fund Performance, "University of British Columbia Working Paper.
    • (2009)
    • Simutin, M.1
  • 38
    • 0030305172 scopus 로고    scopus 로고
    • Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?
    • Sloan, R.G., 1996, "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings? Accounting Review 71, 289-315.
    • (1996) Accounting Review , vol.71 , pp. 289-315
    • Sloan, R.G.1
  • 40
    • 33749597363 scopus 로고    scopus 로고
    • The Determinants and Implications of Mutual Fund Cash Holdings: Theory and Evidence
    • Yan, X.M., 2006, "The Determinants and Implications of Mutual Fund Cash Holdings: Theory and Evidence, "Financial Management 35, 67-91.
    • (2006) Financial Management , vol.35 , pp. 67-91
    • Yan, X.M.1
  • 41
    • 12344316275 scopus 로고    scopus 로고
    • The Value Premium
    • Zhang, L., 2005, "The Value Premium, "Journal of Finance 60, 67-103.
    • (2005) Journal of Finance , vol.60 , pp. 67-103
    • Zhang, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.