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Cash holdings, risk, and expected returns · Study

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ArticleCash holdings, risk, and expected returns

Berardino Palazzo2011

Article2011

Cash holdings, risk, and expected returns

Berardino Palazzo

343 citations·0/0 files stored·Journal of Financial Economics

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Corporate Finance and Governance Financial Markets and Investment Strategies Working Capital and Financial Performance

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References

1993Common risk factors in the returns on stocks and bonds 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1992The Cross-Section of Expected Stock Returns 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets 1975THE 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.]1999The determinants and implications of corporate cash holdings 2004The Cash Flow Sensitivity of Cash 2009Why Do U.S. Firms Hold So Much More Cash than They Used To?

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Year2011

Typearticle

Published2011-12-24

VenueJournal of Financial Economics

ISSN-L0304-405X

Languageen

Citations343

Files0 public / 0

ShelfCorporate Finance and Governance

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doi10.1016/j.jfineco.2011.12.009

openalex_workW2056917813

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