Showing 1 - 10 of 18
Persistent link: https://www.econbiz.de/10010205371
Persistent link: https://www.econbiz.de/10009689502
Persistent link: https://www.econbiz.de/10003720190
Persistent link: https://www.econbiz.de/10011750755
Persistent link: https://www.econbiz.de/10011347471
We provide one of the first large sample comparisons of cash policies in public and private U.S. firms. We first show that despite higher financing frictions, private firms hold, on average, about half as much cash as public firms do. By examining the drivers of cash policies for each group, we...
Persistent link: https://www.econbiz.de/10013091346
We find that to mitigate refinancing risk caused by shorter maturity debt, firms increase their cash holdings and save more cash from their cash flows. We also document that the maturity of U.S. firms' long-term debt has markedly shortened over the 1980-2008 period and that this shortening...
Persistent link: https://www.econbiz.de/10013093582
Persistent link: https://www.econbiz.de/10012201241
Although compensation contracts rarely include cash holdings as a factor, we show that high cash holdings can be used by executives in the ex post bargaining over compensation. An increase of cash holdings by 10% of assets corresponds to about $2.7 million in additional CEO total compensation....
Persistent link: https://www.econbiz.de/10013004105
Debt capacity creates financial flexibility and collateral-based debt capacity is the least sensitive to cash flow shocks. Using variation in real estate prices as exogenous shocks to corporate financing capacity, we investigate the causal effects of financial flexibility on firms' cash...
Persistent link: https://www.econbiz.de/10012960590