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Inflation and the evolution of firm-level liquid assets
16 references·5 citing·50 second hop
Inflation and the evolution of firm-level liquid assets (2017)Inflation and the evolution of firm-level…Rising Intangible Capital, Shrinking Debt Capacity, and the US Corporate Savings Glut (2013)Rising Intangible Capital, Sh…Cash holdings, risk, and expected returns (2011)Cash holdings, risk, and expe…Inflation Risk and the Inflation Risk Premium (2010)Inflation Risk and the Inflat…Corporate Cash Holdings and CEO Compensation Incentives (2010)Corporate Cash Holdings and C…Cash holdings and R&D smoothing (2010)Cash holdings and R&D smoothi…Why Do U.S. Firms Hold So Much More Cash than They Used To? (2009)Why Do U.S. Firms Hold So Muc…Panel data methods for fractional response variables with an application to test pass rates (2008)Panel data methods for fracti…Why do firms hold so much cash? A tax-based explanation (2007)Why do firms hold so much cas…The impact of macroeconomic uncertainty on non‐financial firms' demand for liquidity (2006)The impact of macroeconomic u…Diverging Trends in Aggregate and Firm Volatility (2006)Diverging Trends in Aggregate…The Rise in Firm-Level Volatility: Causes and Consequences (2005)The Rise in Firm-Level Volati…Are Phillips Curves Useful for Forecasting Inflation? (2001)Are Phillips Curves Useful fo…The determinants and implications of corporate cash holdings (1999)The determinants and implicat…Scale Economies, the Value of Time, and the Demand for Money: Longitudinal Evidence from Firms (1997)Scale Economies, the Value of…Asset returns and inflation (1977)Asset returns and inflationA Model of the Demand for Money by Firms (1966)A Model of the Demand for Mon…Mere facade? Is greenwashing behaviour lower in low‐carbon corporates? (2024)Mere facade? Is greenwashing …Cost of carry, financial constraints, and dynamics of corporate cash holdings (2022)Cost of carry, financial cons…Interest Rates, Cash and Short-Term Investments (2017)Interest Rates, Cash and Shor…Firm Selection and Corporate Cash Holdings (2017)Firm Selection and Corporate …Accounting for the Corporate Cash Increase (2014)Accounting for the Corporate …On the Pooling of Time Series and Cross Section Data (1978)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)Estimating dynamic panel models in corporate finance (2012)Participation of Developing Countries in Global Value Chains (2015)Correlated random effects models with unbalanced panels (2018)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (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)Expected stock returns and volatility (1987)Efficient Capital Markets: II (1991)On the Relation between the Expected Value and the Volatility of the Nominal Excess Return on Stocks (1993)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)Cash Holdings, Competition, and Innovation (2016)Corporate social responsibility and corporate cash holdings (2016)Climate risk: The price of drought (2020)Aggregate Dynamics and Staggered Contracts (1980)The Role of Monetary Policy (1995)Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory* (2000)Disagreement about Inflation Expectations (2003)Globalisation and Inflation: New Cross-Country Evidence on the Global Determinants of Domestic Inflation (2007)Inflation-Gap Persistence in the US (2009)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)Corporate financing and investment decisions when firms have information that investors do not have (1984)Is cash negative debt? A hedging perspective on corporate financial policies (2007)The Corporate Propensity to Save (2009)Corporate Investment and Stock Market Listing: A Puzzle? (2014)Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations (1991)Another look at the instrumental variable estimation of error-components models (1995)Initial conditions and moment restrictions in dynamic panel data models (1998)The Financing of R&D and Innovation (2009)Law, Stock Markets, and Innovation (2013)Do carbon emission trading schemes stimulate green innovation in enterprises? Evidence from China (2021)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Why Has the Value of Cash Increased Over Time? (2011)State ownership, soft-budget constraints, and cash holdings: Evidence from China’s privatized firms (2014)Corporate cash holdings: Causes and consequences (2015)Risk, Return, and Equilibrium: Empirical Tests (1973)The theory and practice of corporate finance: evidence from the field (2001)The Cash Flow Sensitivity of Cash (2004)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)Dynamic Econometrics (1995)Do Firms Rebalance Their Capital Structures? (2005)A Model of the Consumption Response to Fiscal Stimulus Payments (2014)
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References

  • 1999The determinants and implications of corporate cash holdings3,910 cited
  • 2009Why Do U.S. Firms Hold So Much More Cash than They Used To?2,896 cited
  • 1977Asset returns and inflation2,701 cited
  • 1966A Model of the Demand for Money by Firms1,338 cited
  • 2008Panel data methods for fractional response variables with an application to test pass rates1,319 cited
  • 2007Why do firms hold so much cash? A tax-based explanation829 cited
  • 2001Are Phillips Curves Useful for Forecasting Inflation?731 cited
  • 2010Cash holdings and R&D smoothing671 cited
  • 2011Cash holdings, risk, and expected returns343 cited
  • 2010Corporate Cash Holdings and CEO Compensation Incentives325 cited
  • 1997Scale Economies, the Value of Time, and the Demand for Money: Longitudinal Evidence from Firms313 cited
  • 2005The Rise in Firm-Level Volatility: Causes and Consequences247 cited
  • 2010Inflation Risk and the Inflation Risk Premium243 cited
  • 2013Rising Intangible Capital, Shrinking Debt Capacity, and the US Corporate Savings Glut209 cited
  • 2006The impact of macroeconomic uncertainty on non‐financial firms' demand for liquidity207 cited

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  • 2006Diverging Trends in Aggregate and Firm Volatility166 cited
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    • 2024Mere facade? Is greenwashing behaviour lower in low‐carbon corporates?37 cited
    • 2022Cost of carry, financial constraints, and dynamics of corporate cash holdings24 cited
    • 2017Firm Selection and Corporate Cash Holdings24 cited
    • 2014Accounting for the Corporate Cash Increase20 cited
    • 2017Interest Rates, Cash and Short-Term Investments17 cited