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- W1498365514 abstract "Although existing theories predict a causal link between informational frictions in financial markets and a firm's choice of asset liquidity, the lack of an exogenous and clean measure of informational frictions hinders the precise identification of this link. Using the discontinuous requirement of financial reporting introduced by Section 404 of the Sarbanes-Oxley Act, we identify a causal effect of informational frictions on the holding of liquid assets. By employing the cash ratio as a measure of corporate liquidity, we show that firms that comply with Section 404 and provide more reliable information to the financial markets reduce their holding of liquid assets compared to observationally similar firms. Finally, firms that comply with Section 404 and hold less cash present a higher expenditure in R&D relative to firms not complying with the rule. This difference sheds light on the opportunity cost of holding cash." @default.
- W1498365514 created "2016-06-24" @default.
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- W1498365514 date "2013-01-01" @default.
- W1498365514 modified "2023-09-27" @default.
- W1498365514 title "How Do Informational Frictions Affect the Firm's Choice of Asset Liquidity? The Effect of SOX Section 404" @default.
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- W1498365514 doi "https://doi.org/10.2139/ssrn.2336068" @default.
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