| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w23767
|
| 来源ID | Working Paper 23767
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| The Evolution of Corporate Cash |
| John R. Graham; Mark T. Leary
|
| 发表日期 | 2017-09-11
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| 出版年 | 2017
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| 语种 | 英语
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| 摘要 | We put the recent increase in corporate cash in historic perspective by studying nearly 100 years of average and aggregate cash holdings. Corporate cash more than doubled in the first 25 years of our sample before returning to 1920 levels by 1970. Since then, average and aggregate patterns diverge. To understand these patterns, we examine both time-series and cross-sectional variation in cash policies and draw several conclusions. First, the increase in average cash ratios since 1980 is driven entirely by a shift in the cash policies of new entrants, while within-firm changes have been negative or flat since WW II. Second, the cross-sectional relations documented on modern data are remarkably stable back to the 1920s. Third, despite the stability of these relations, firm characteristics explain little of the time series variation in aggregate cash holdings over the century. Macroeconomic conditions, corporate profitability and investment, and (since 2000) repatriation tax incentives help fill this gap. |
| 主题 | Macroeconomics
; Money and Interest Rates
; Financial Economics
; Corporate Finance
; Public Economics
; Taxation
; History
|
| URL | https://www.nber.org/papers/w23767
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581441
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推荐引用方式
GB/T 7714 |
John R. Graham,Mark T. Leary. The Evolution of Corporate Cash. 2017.
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文件名：
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w23767.pdf
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格式：
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Adobe PDF
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