| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23249 |
| 来源ID | Working Paper 23249 |
| Firm Selection and Corporate Cash Holdings | |
| Juliane Begenau; Berardino Palazzo | |
| 发表日期 | 2017-03-20 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Among stock market entrants, more firms over time are R&D–intensive with initially lower profitability but higher growth potential. This sample-selection effect determines the secular trend in U.S. public firms’ cash holdings. A stylized firm industry model allows us to analyze two competing changes to the selection mechanism: a change in industry composition and a shift toward less profitable R&D–firms. The latter is key to generating higher cash ratios at IPO, necessary for the secular increase, whereas the former mechanism amplifies this effect. The data confirm the prominent role played by selection, and corroborate the model’s predictions. |
| 主题 | Macroeconomics ; Business Cycles ; Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w23249 |
| 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/580923 |
| 推荐引用方式 GB/T 7714 | Juliane Begenau,Berardino Palazzo. Firm Selection and Corporate Cash Holdings. 2017. |
| 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 | ||
| w23249.pdf（823KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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