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来源类型Discussion paper
规范类型论文
来源IDDP17192
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
URLhttps://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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