文献详情
Stock liquidity and corporate cash holdings
文献类型：期刊
通讯作者：Li, Y (reprint author), Renmin Univ China, Hanqing Adv Inst Econ & Finance, 0307a Mingde Main Bldg, Beijing 100872, Peoples R China.
期刊名称：FINANCE RESEARCH LETTERS
年：2019
卷：28
页码：416-422
ISSN：1544-6123
关键词：Stock liquidity; Cash holdings; Decimalization
摘要：This paper investigates the effects of stock liquidity on corporate cash holdings in the U.S. We show that firms with liquid stocks hold less cash after controlling for several firm characteristics, industry and year fixed effects. To mitigate endogenous concerns, we further employ decimalization in the U.S. stock market as an exogenous shock and find the increase in stock liquidity causes firms to reduce cash holdings.
DOI：10.1016/j.frl.2018.06.018
百度学术：Stock liquidity and corporate cash holdings
语言：外文
基金：Fundamental Research Funds for the Central University; Research Funds of Renmin University of China [14XNI005]
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