메뉴 건너뛰기




Volumn 51, Issue 2, 2011, Pages 549-574

Excess cash holdings and shareholder value

Author keywords

G14; G34; Marginal value of cash; Persistence; Stock performance; Trade off; Transactions cost

Indexed keywords


EID: 79955573869     PISSN: 08105391     EISSN: 1467629X     Source Type: Journal    
DOI: 10.1111/j.1467-629X.2010.00359.x     Document Type: Article
Times cited : (65)

References (26)
  • 2
    • 84881844837 scopus 로고
    • Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations
    • Arellano, M., and S. Bond, 1991, Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations, Review of Economics Studies 58, 277-297.
    • (1991) Review of Economics Studies , vol.58 , pp. 277-297
    • Arellano, M.1    Bond, S.2
  • 3
    • 0031097135 scopus 로고    scopus 로고
    • Detecting long-run abnormal stock returns: the empirical power and specification of test statistics
    • Barber, B., and J. Lyon, 1997, Detecting long-run abnormal stock returns: the empirical power and specification of test statistics, Journal of Financial Economics 43, 341-372.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.1    Lyon, J.2
  • 4
    • 79955578339 scopus 로고    scopus 로고
    • The impact of macroeconomic uncertainty on cash holdings for non-financial firms, working paper (Boston College, MA, USA).
    • Baum, C. F., M. Caglayan, N. Ozkan, and O. Talavera, 2003, The impact of macroeconomic uncertainty on cash holdings for non-financial firms, working paper (Boston College, MA, USA).
    • (2003)
    • Baum, C.F.1    Caglayan, M.2    Ozkan, N.3    Talavera, O.4
  • 6
    • 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
  • 7
    • 43949108908 scopus 로고    scopus 로고
    • Determinants of corporate cash holdings: evidence from spin-offs
    • D'Mello, R., S. Krishnaswami, and P. Larkin, 2008, Determinants of corporate cash holdings: evidence from spin-offs, Journal of Banking and Finance 32, 1209-1220.
    • (2008) Journal of Banking and Finance , vol.32 , pp. 1209-1220
    • D'Mello, R.1    Krishnaswami, S.2    Larkin, P.3
  • 8
    • 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, 1957-1989.
    • (2006) Journal of Finance , vol.61 , pp. 1957-1989
    • Faulkender, M.1    Wang, R.2
  • 10
    • 0040426295 scopus 로고    scopus 로고
    • Corporate cash reserves and acquisitions
    • Harford, J., 1999, Corporate cash reserves and acquisitions, Journal of Finance 54, 1969-1997.
    • (1999) Journal of Finance , vol.54 , pp. 1969-1997
    • Harford, J.1
  • 12
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate financing, and takeovers
    • Jensen, M., 1986, Agency costs of free cash flow, corporate financing, and takeovers, American Economic Review 76, 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 15
    • 0009885154 scopus 로고    scopus 로고
    • Improved methods for tests of long-run abnormal stock returns
    • Lyon, J., B. Barber, and C. Tsai, 1999, Improved methods for tests of long-run abnormal stock returns, Journal of Finance 54, 166-201.
    • (1999) Journal of Finance , vol.54 , pp. 166-201
    • Lyon, J.1    Barber, B.2    Tsai, C.3
  • 17
    • 79955633242 scopus 로고    scopus 로고
    • Financial conservatism: evidence on capital structure from low leverage firms, working paper (Ohio State University, OH, USA).
    • Minton, B., and K. Wruck, 2001, Financial conservatism: evidence on capital structure from low leverage firms, working paper (Ohio State University, OH, USA).
    • (2001)
    • Minton, B.1    Wruck, K.2
  • 18
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S., and N. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 21
    • 41849150429 scopus 로고    scopus 로고
    • Share reacquisitions, surplus cash, and agency problems
    • Oswald, D., and S. Young, 2008, Share reacquisitions, surplus cash, and agency problems, Journal of Banking and Finance 32, 795-806.
    • (2008) Journal of Banking and Finance , vol.32 , pp. 795-806
    • Oswald, D.1    Young, S.2
  • 22
    • 3242885273 scopus 로고    scopus 로고
    • Corporate cash holdings: an empirical investigation of UK companies
    • Ozkan, A., and N. Ozkan, 2004, Corporate cash holdings: an empirical investigation of UK companies, Journal of Banking and Finance 28, 2103-2134.
    • (2004) Journal of Banking and Finance , vol.28 , pp. 2103-2134
    • Ozkan, A.1    Ozkan, N.2
  • 23
    • 0002745670 scopus 로고
    • Regression standard errors in clustered samples
    • Rogers, W., 1993, Regression standard errors in clustered samples, Stata Technical Bulletin 13, 19-23.
    • (1993) Stata Technical Bulletin , vol.13 , pp. 19-23
    • Rogers, W.1
  • 24
    • 49449119344 scopus 로고
    • Alternative methods for raising capital: Rights versus underwritten offerings
    • Smith, C. W., 1977, Alternative methods for raising capital: Rights versus underwritten offerings, Journal of Financial Economics 5, 273-307.
    • (1977) Journal of Financial Economics , vol.5 , pp. 273-307
    • Smith, C.W.1
  • 25
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White, H., 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica 48, 817-838.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1
  • 26
    • 84977734564 scopus 로고
    • Debt, liquidity constraints, and corporate investment: Evidence from panel data
    • Whited, T., 1992, Debt, liquidity constraints, and corporate investment: Evidence from panel data, Journal of Finance 47, 1425-1460.
    • (1992) Journal of Finance , vol.47 , pp. 1425-1460
    • Whited, T.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.