| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17192 |
| DP17192 The Savings of Corporate Giants | |
| Olivier Darmouni; Lira Mota | |
| 发表日期 | 2022-04-07 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We construct a novel panel dataset to provide new evidence on how the largest nonfinancial firms manage their financial assets. Our granular data shows that, over the past decade, bond portfolios have grown to be at least as large as cash-like instruments, driven by the meteoric rise of corporate bond holdings. To shed light on the drivers of this growth, we conduct a pair of event studies around the 2017 tax reform and the 2020 liquidity crisis. Our new data suggests that the financial portfolios of corporate giants are primarily driven by cross-border tax incentives rather than liquidity motives. |
| 主题 | Financial Economics |
| 关键词 | Superstar firms Corporate cash Corporate bonds Repatriation tax Liquidity management |
| URL | https://cepr.org/publications/dp17192 |
| 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/546188 |
| 推荐引用方式 GB/T 7714 | Olivier Darmouni,Lira Mota. DP17192 The Savings of Corporate Giants. 2022. |
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