| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13791 |
| DP13791 Corporate cash holdings: Stock liquidity and the repurchase motive | |
| Kjell Nyborg; Zexi Wang | |
| 发表日期 | 2019-06-12 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We document that enhanced stock liquidity increases a firm's propensity to hold cash. Endogeneity is addressed using a difference-in-differences approach based on tick-size decimalization. Our finding is surprising in light of the view that improved stock liquidity reduces financial constraints. We propose that firms hold cash also to buy back shares and higher stock liquidity strengthens this incentive. Tests are supportive. Endogeneity is controlled for using the introduction of repurchase safe harbor rules. We conclude that with respect to the effect of stock liquidity on cash holdings, the repurchase motive dominates the real investments motive. |
| 主题 | Financial Economics |
| 关键词 | Corporate cash holdings Stock liquidity Repurchases |
| URL | https://cepr.org/publications/dp13791 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542661 |
| 推荐引用方式 GB/T 7714 | Kjell Nyborg,Zexi Wang. DP13791 Corporate cash holdings: Stock liquidity and the repurchase motive. 2019. |
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