The considerable growth in corporate cash holdings around the world has prompted
scholarly interest. Consequently, there is now a large academic literature examining cash …

Despite the growing interest in exploring the cash holding aspects among scholars,
systematic reviews and comprehensive evaluation in this area has been limited. Also, there …

We show how real and financial frictions amplify, prolong, and propagate the negative
impact of uncertainty shocks. We use a novel instrumentation strategy to address …

The fact that internal liquidity is a key source of corporate funding puts the marginal value of
cash at the center of a variety of firm decisions, including investment, payout, financing …

ABSTRACT US industrial firms invest heavily in noncash, risky financial assets such as
corporate debt, equity, and mortgage‐backed securities. Risky assets represent 40% of …

Firms differ in their dependence on skilled labor and face labor adjustment costs that
increase with their workers' skill level. We show that firms with a higher share of skilled …

With the help of the United States Government and committed funding from bank credit lines,
the United States corporate sector responded to the Covid‐19 cash flow shock by issuing …

From 1998 to 2011, US firms held more cash on average (but not at the median) than similar
foreign firms (foreign twins) did. The average difference in cash holdings does not increase …

Unexpectedly severe winter weather, which is arguably exogenous to firm and bank
fundamentals, represents a significant cash flow shock for bank‐borrowing firms. Firms …

This paper examines the relation between employee welfare practices and corporate cash
holdings. We find firms that are strongly committed to employee well-being, measured by …