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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w23799 |
来源ID | Working Paper 23799 |
Understanding the Rise in Corporate Cash: Precautionary Savings or Foreign Taxes | |
Michael W. Faulkender; Kristine W. Hankins; Mitchell A. Petersen | |
发表日期 | 2017-09-11 |
出版年 | 2017 |
语种 | 英语 |
摘要 | What has driven the dramatic rise in U.S. corporate cash? Using non-public data, we show that the run-up is not uniform across firms but is concentrated in the foreign subsidiaries of multinational firms. Standard precautionary motives explain only domestic cash holdings, not these burgeoning foreign cash balances. Falling foreign tax rates, coupled with relaxed restrictions on income shifting, are the root of the changing foreign cash patterns. Firms with intellectual property have the greatest ability to shift income to low tax jurisdictions, and their foreign subsidiaries are where we observe the largest accumulations of cash. |
主题 | Financial Economics ; Corporate Finance |
URL | https://www.nber.org/papers/w23799 |
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/581473 |
推荐引用方式 GB/T 7714 | Michael W. Faulkender,Kristine W. Hankins,Mitchell A. Petersen. Understanding the Rise in Corporate Cash: Precautionary Savings or Foreign Taxes. 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 | ||
w23799.pdf(643KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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