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- W1844214462 abstract "Large, mature firms with lower asset volatility are found to be less influenced by cash ratios during the business cycle while the stock returns of all other firms are highly influenced. A positive relationship is established between the cash-ratio and stock performance, but no specific benefit of cash during downturns can be established for the entire sample. Favoured by cash in downturns are firms with strong growth prospects and firms lacking a controlling blockholder. Firms with strong earnings and low uncertainty abount investment opportunities are more severely penalized for cash holdings during upturns. Firms with a blockholder are not dependent on cash in downturns but suffer in return from a strong discount in upturns. We discuss different explanations for the observed patterns and see basically three explanatory trajectories, either related to (i) corporate governance and asymmetric information, (ii) the purpose of the held cash, (iii) and the required level of cash for the firm to keep investing" @default.
- W1844214462 created "2016-06-24" @default.
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- W1844214462 date "2010-01-01" @default.
- W1844214462 modified "2023-09-24" @default.
- W1844214462 title "The Value of Liquidity - Do Investors Price Corporate Cash Concistently during the Buinsessn Cycle" @default.
- W1844214462 hasPublicationYear "2010" @default.
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