The Determinants and Implications of Corporate Cash Holdings

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Tim Opler; Lee Pinkowitz; Rene Stulz; Rohan Williamson;

We examine the determinants and implications of holdings of cash and marketable" securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growth" opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firms" ... View more
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