G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w18120
来源IDWorking Paper 18120
Multinationals and the High Cash Holdings Puzzle
Lee Pinkowitz; René M. Stulz; Rohan Williamson
发表日期2012-06-01
出版年2012
语种英语
摘要Defining as normal cash holdings the holdings a firm with the same characteristics would have had in the late 1990s, we find that the abnormal cash holdings of U.S. firms after the crisis represent on average 1.86% of assets. While U.S. firms held less cash than comparable foreign firms in the late 1990s, by 2010 they hold more. However, only U.S. multinational firms experience an increase in abnormal cash holdings during the 2000s. U.S. multinational firms had cash holdings similar to those of purely domestic firms in the late 1990s, but they hold over 3% more assets in cash than comparable purely domestic firms after the crisis. Further, U.S. multinationals increased their cash holdings since the late 1990s relative to foreign multinationals by roughly the same percentage as they increased their cash holdings relative to U.S. domestic firms. A detailed analysis shows that the increase in cash holdings of multinational firms cannot be explained by the tax treatment of profit repatriations, that it is intrinsically linked to their R&D intensity, and that firms that become multinational do not increase their abnormal cash holdings after they become multinational. There is no evidence that poor investment opportunities, regulation, or poor governance can explain the abnormal cash holdings of U.S. firms after the crisis.
主题International Economics ; International Factor Mobility ; Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w18120
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/575796
推荐引用方式
GB/T 7714
Lee Pinkowitz,René M. Stulz,Rohan Williamson. Multinationals and the High Cash Holdings Puzzle. 2012.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w18120.pdf(856KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Lee Pinkowitz]的文章
[René M. Stulz]的文章
[Rohan Williamson]的文章
百度学术
百度学术中相似的文章
[Lee Pinkowitz]的文章
[René M. Stulz]的文章
[Rohan Williamson]的文章
必应学术
必应学术中相似的文章
[Lee Pinkowitz]的文章
[René M. Stulz]的文章
[Rohan Williamson]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w18120.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。