Why Has the Value of Cash Increased Over Time?

被引：97

作者：

Bates, Thomas W. ^{[1
]}

Chang, Ching-Hung ^{[2
]}

Chi, Jianxin Daniel ^{[3
]}

机构：

[1] Arizona State Univ, Carey Sch Business, Tempe, AZ 85287 USA

[2] Natl Taiwan Univ, Coll Management, Taipei, Taiwan

[3] Univ Nevada, Las Vegas Lee Business School, Reno, NV 89557 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2018年 / 53卷 / 02期

基金：

中国国家自然科学基金;

关键词：

PRODUCT MARKET COMPETITION; FINANCIAL CONSTRAINTS; CORPORATE GOVERNANCE; CAPITAL STRUCTURE; US FIRMS; EQUITY PRICES; HOLDINGS; RISK; DETERMINANTS; INCENTIVES;

D O I：

10.1017/S002210901700117X

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The value of corporate cash holdings has increased significantly in recent decades. On average, $1 of cash is valued at $0.61 in the 1980s, $1.04 in the 1990s, and $1.12 in the 2000s. This increase is predominantly driven by the investment opportunity set and cash-flow volatility, as well as secular trends in product market competition, credit market risk, and within-firm diversification. We document a secular decrease in the speed of adjustment (SOA) in cash holdings, particularly for financially constrained firms with cash deficits, suggesting that capital market frictions can account for the trend in the value of cash holdings.

引用

页码：749 / 787

页数：39

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