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Cross-country analysis of secular cash trends
16 references·16 citing·43 second hopsampled
Cross-country analysis of secular cash trends (2011)Cross-country analysis of secular cash tr…Why Do U.S. Firms Hold So Much More Cash than They Used To? (2009)Why Do U.S. Firms Hold So Muc…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Estimating Standard Errors in…Corporate governance and firm cash holdings in the US (2007)Corporate governance and firm…Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross‐country Analysis (2006)Does the Contribution of Corp…Corporate governance and the value of cash holdings (2006)Corporate governance and the …The Cash Flow Sensitivity of Cash (2004)The Cash Flow Sensitivity of …International Corporate Governance and Corporate Cash Holdings (2003)International Corporate Gover…Corporate cash holdings: An empirical investigation of UK companies (2003)Corporate cash holdings: An e…Culture's Consequences: Comparing Values, Behaviors, Institutions, and Organizations across Nations (2002)Culture's Consequences: Compa…Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk (2001)Have Individual Stocks Become…The determinants and implications of corporate cash holdings (1999)The determinants and implicat…The Determinants of Corporate Liquidity: Theory and Evidence (1998)The Determinants of Corporate…What Do We Know about Capital Structure? Some Evidence from International Data (1995)What Do We Know about Capital…What Do We Know about Capital Structure? Some Evidence from International Data (1995)What Do We Know about Capital…Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate financing and inves…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Depoliticization and corporate cash holdings: Evidence from the mandated resignation of directors in China (2021)Depoliticization and corporat…Board Gender Diversity and Corporate Cash Holdings (2021)Board Gender Diversity and Co…Corporate cash holdings and promoter ownership (2020)Corporate cash holdings and p…What Do We Know About Corporate Cash Holdings? A Systematic Analysis (2019)What Do We Know About Corpora…The effect of say on pay on CEO compensation and spill-over effect on corporate cash holdings: Evidence from Australia (2019)The effect of say on pay on C…Cash cycle: A cross‐country analysis (2019)Cash cycle: A cross‐country a…Bank health and cash holdings: Evidence from a bank-centered financial market (2019)Bank health and cash holdings…Corporate financialization in South Africa: From investment strike to housing bubble (2018)Corporate financialization in…Determinants of Corporate Cash Holdings (2017)Determinants of Corporate Cas…Is Family Control Relevant for Corporate Cash Holding Policy? (2016)Is Family Control Relevant fo…Cash holding and control-oriented finance (2016)Cash holding and control-orie…The Effects of Liquidity Shocks on Corporate Investments and Cash Holdings: Evidence from Actuarial Pension Gains/Losses (2015)The Effects of Liquidity Shoc…Internal Control over Financial Reporting and the Safeguarding of Corporate Resources: Evidence from the Value of Cash Holdings (2015)Internal Control over Financi…Free Cash Flow And Earnings Management: The Moderating Role Of Governance And Ownership (2015)Free Cash Flow And Earnings M…Investor protection and corporate cash holdings around the world: new evidence (2013)Investor protection and corpo…Does the board of directors affect cash holdings? A study of French listed firms (2013)Does the board of directors a…Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have (1984)Market Timing and Capital Structure (2002)Testing Trade-Off and Pecking Order Predictions About Dividends and Debt (2002)Capital Structure Decisions: Which Factors Are Reliably Important? (2007)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Distribution of the Estimators for Autoregressive Time Series with a Unit Root (1979)Distribution of the Estimators for Autoregressive Time Series With a Unit Root (1979)The distribution of realized stock return volatility (2001)Asymmetric correlations of equity portfolios (2002)Default Risk in Equity Returns (2004)The Econometrics of Financial Markets (2012)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency costs of free cash flow, corporate finance, and takeovers (1996)Corporate Governance and Equity Prices (2003)Costly external finance, corporate investment, and the subprime mortgage credit crisis (2010)Product Market Threats, Payouts, and Financial Flexibility (2012)Feverish Stock Price Reactions to COVID-19* (2020)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Determinants of corporate borrowing (1977)The Capital Structure Puzzle (1984)A Survey of Corporate Governance (1997)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The General Theory of Employment, Interest and Money. (1936)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)The theory and practice of corporate finance: evidence from the field (2001)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)Corporate social responsibility and access to finance (2013)The Cross-Section of Expected Stock Returns (1992)Law and Finance (1998)Corporate Ownership Around the World (1999)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence (2007)Robust Inference With Multiway Clustering (2011)Policy Uncertainty and Corporate Investment (2015)Upper Echelons Theory: An Update (2007)The weirdest people in the world? (2010)Dimensionalizing Cultures: The Hofstede Model in Context (2011)
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References

  • 2002Culture's Consequences: Comparing Values, Behaviors, Institutions, and Organizations across Nations21,666 cited
  • 1984Corporate financing and investment decisions when firms have information that investors do not have18,936 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches10,793 cited
  • 1995What Do We Know about Capital Structure? Some Evidence from International Data6,527 cited
  • 1999The determinants and implications of corporate cash holdings3,910 cited
  • 2004The Cash Flow Sensitivity of Cash3,523 cited
  • 2009Why Do U.S. Firms Hold So Much More Cash than They Used To?2,896 cited
  • 1995What Do We Know about Capital Structure? Some Evidence from International Data2,443 cited
  • 2001Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk2,419 cited
  • 2006Corporate governance and the value of cash holdings2,135 cited
  • 2007Corporate governance and firm cash holdings in the US1,730 cited
  • 2003International Corporate Governance and Corporate Cash Holdings1,636 cited
  • 1998The Determinants of Corporate Liquidity: Theory and Evidence1,243 cited
  • 2006

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Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross‐country Analysis
1,198 cited
  • 2003Corporate cash holdings: An empirical investigation of UK companies1,178 cited
  • Cited by

    • 2019What Do We Know About Corporate Cash Holdings? A Systematic Analysis71 cited
    • 2017Determinants of Corporate Cash Holdings70 cited
    • 2013Investor protection and corporate cash holdings around the world: new evidence66 cited
    • 2021Depoliticization and corporate cash holdings: Evidence from the mandated resignation of directors in China64 cited
    • 2015Free Cash Flow And Earnings Management: The Moderating Role Of Governance And Ownership60 cited
    • 2020Corporate cash holdings and promoter ownership56 cited
    • 2015Internal Control over Financial Reporting and the Safeguarding of Corporate Resources: Evidence from the Value of Cash Holdings56 cited
    • 2016Cash holding and control-oriented finance51 cited
    • 2016Is Family Control Relevant for Corporate Cash Holding Policy?43 cited
    • 2018Corporate financialization in South Africa: From investment strike to housing bubble36 cited
    • 2019The effect of say on pay on CEO compensation and spill-over effect on corporate cash holdings: Evidence from Australia32 cited
    • 2021Board Gender Diversity and Corporate Cash Holdings32 cited
    • 2019Cash cycle: A cross‐country analysis29 cited
    • 2019Bank health and cash holdings: Evidence from a bank-centered financial market28 cited
    • 2015The Effects of Liquidity Shocks on Corporate Investments and Cash Holdings: Evidence from Actuarial Pension Gains/Losses23 cited
    • 2013Does the board of directors affect cash holdings? A study of French listed firms23 cited