Intangible Capital and Corporate Cash Holdings: Theory and Evidence

Preprint OPEN
Dalida Kadyrzhanova; Antonio Falato; Jae Sim;
(2012)

The rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. We construct a new measure of intangible capital and show that intangible capital is the most important firm-level determinant of corporate c... View more
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