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...

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...

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...