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The Corporate Propensity to Save
16 references·16 citing·38 second hopsampled
The Corporate Propensity to Save (2009)The Corporate Propensity to SaveWhy do firms hold so much cash? A tax-based explanation (2007)Why do firms hold so much cas…Is cash negative debt? A hedging perspective on corporate financial policies (2007)Is cash negative debt? A hedg…How Costly Is External Financing? Evidence from a Structural Estimation (2007)How Costly Is External Financ…Do Tests of Capital Structure Theory Mean What They Say? (2007)Do Tests of Capital Structure…Bank Lines of Credit in Corporate Finance: An Empirical Analysis (2007)Bank Lines of Credit in Corpo…Corporate governance and the value of cash holdings (2006)Corporate governance and the …Corporate Financial Policy and the Value of Cash (2006)Corporate Financial Policy an…The Cash Flow Sensitivity of Cash (2004)The Cash Flow Sensitivity of …Measurement Error and the Relationship between Investment and q (2000)Measurement Error and the Rel…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…The Determinants and Implications of Corporate Cash Holdings (1997)The Determinants and Implicat…Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)Do Investment-Cash Flow Sensi…Cash Flow and Investment: Evidence from Internal Capital Markets (1997)Cash Flow and Investment: Evi…Dynamic Capital Structure Choice: Theory and Tests (1989)Dynamic Capital Structure Cho…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Economic policy uncertainty: A literature review (2019)Economic policy uncertainty: …Evolution in Value Relevance of Accounting Information (2017)Evolution in Value Relevance …Precautionary Savings with Risky Assets: When Cash Is Not Cash (2016)Precautionary Savings with Ri…Using 10-K Text to Gauge Financial Constraints (2015)Using 10-K Text to Gauge Fina…Agency Conflicts and Cash: Estimates from a Dynamic Model (2014)Agency Conflicts and Cash: Es…Investment, Idiosyncratic Risk, and Ownership (2012)Investment, Idiosyncratic Ris…Determinants of Corporate Cash Policy: Insights from Private Firms (2012)Determinants of Corporate Cas…Structural models and endogeneity in corporate finance: The link between managerial ownership and corporate performance (2011)Structural models and endogen…Market Timing, Investment, and Risk Management (2011)Market Timing, Investment, an…Cash holdings, risk, and expected returns (2011)Cash holdings, risk, and expe…A Unified Theory of Tobin's q , Corporate Investment, Financing, and Risk Management (2011)A Unified Theory of Tobin's q…What drives corporate liquidity? An international survey of cash holdings and lines of credit☆ (2010)What drives corporate liquidi…Capital structure dynamics and transitory debt (2010)Capital structure dynamics an…Leasing, Ability to Repossess, and Debt Capacity (2008)Leasing, Ability to Repossess…Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach (2007)Shocks and Frictions in US Bu…Why Do U.S. Firms Hold so Much More Cash than They Used to? (2006)Why Do U.S. Firms Hold so Muc…FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY (1968)Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Corporate cash holdings: An empirical investigation of UK companies (2003)Financial Development and Financing Constraints: International Evidence from the Structural Investment Model (2003)Financial Constraints, Investment, and the Value of Cash Holdings (2009)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Determinants of corporate borrowing (1977)The Capital Structure Puzzle (1984)Corporate Debt Value, Bond Covenants, and Optimal Capital Structure (1994)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)The Cross-Section of Expected Stock Returns (1992)On Persistence in Mutual Fund Performance (1997)The Pricing of Options and Corporate Liabilities (1973)Common risk factors in the returns on stocks and bonds (1993)Why Do U.S. Firms Hold So Much More Cash than They Used To? (2009)Costly external finance, corporate investment, and the subprime mortgage credit crisis (2010)Discretion versus policy rules in practice (1993)The Science of Monetary Policy: A New Keynesian Perspective (1999)Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy (2005)A model of unconventional monetary policy (2010)Financial Intermediation and Credit Policy in Business Cycle Analysis (2010)When Is the Government Spending Multiplier Large? (2011)The General Theory of Employment, Interest and Money. (1936)The General Theory of Employment, Interest and Money. (1936)Financial Constraints Risk (2006)Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom (2009)Policy Uncertainty and Corporate Investment (2015)The theory and practice of corporate finance: evidence from the field (2001)Corporate social responsibility and access to finance (2013)The Financial Accelerator in a Quantitative Business Cycle Framework (1998)Managing with Style: The Effect of Managers on Firm Policies (2003)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)Corporate governance and firm cash holdings in the US (2007)What Matters in Corporate Governance? (2008)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?6,790 cited
  • 1999The determinants and implications of corporate cash holdings3,910 cited
  • 2004The Cash Flow Sensitivity of Cash3,523 cited
  • 2006Corporate governance and the value of cash holdings2,135 cited
  • 2006Corporate Financial Policy and the Value of Cash1,642 cited
  • 1989Dynamic Capital Structure Choice: Theory and Tests1,572 cited
  • 1998The Determinants of Corporate Liquidity: Theory and Evidence1,243 cited
  • 2000Measurement Error and the Relationship between Investment and q1,164 cited
  • 2007How Costly Is External Financing? Evidence from a Structural Estimation1,148 cited
  • 1997Cash Flow and Investment: Evidence from Internal Capital Markets1,143 cited
  • 1997The Determinants and Implications of Corporate Cash Holdings1,052 cited
  • 2007Do Tests of Capital Structure Theory Mean What They Say?965 cited
  • 2007Bank Lines of Credit in Corporate Finance: An Empirical Analysis961 cited
  • 2007Is cash negative debt? A hedging perspective on corporate financial policies896 cited

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  • 2007Why do firms hold so much cash? A tax-based explanation829 cited
  • Cited by

    • 2007Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach4,628 cited
    • 2011A Unified Theory of Tobin's q , Corporate Investment, Financing, and Risk Management662 cited
    • 2012Investment, Idiosyncratic Risk, and Ownership654 cited
    • 2019Economic policy uncertainty: A literature review629 cited
    • 2010What drives corporate liquidity? An international survey of cash holdings and lines of credit☆627 cited
    • 2010Capital structure dynamics and transitory debt532 cited
    • 2017Evolution in Value Relevance of Accounting Information465 cited
    • 2011Structural models and endogeneity in corporate finance: The link between managerial ownership and corporate performance462 cited
    • 2015Using 10-K Text to Gauge Financial Constraints439 cited
    • 2011Market Timing, Investment, and Risk Management414 cited
    • 2008Leasing, Ability to Repossess, and Debt Capacity400 cited
    • 2014Agency Conflicts and Cash: Estimates from a Dynamic Model363 cited
    • 2012Determinants of Corporate Cash Policy: Insights from Private Firms360 cited
    • 2016Precautionary Savings with Risky Assets: When Cash Is Not Cash356 cited
    • 2006Why Do U.S. Firms Hold so Much More Cash than They Used to?353 cited
    • 2011Cash holdings, risk, and expected returns343 cited