Can Changes in the Cost of Carry Explain the Dynamics of Corporate "Cash" Holdings?

被引：66

作者：

Azar, Jose A. ^{[1
]}

Kagy, Jean-Francois ^{[2
]}

Schmalz, Martin C. ^{[3
]}

机构：

[1] Charles River Associates Inc, Boston, MA USA

[2] Google, Menlo Pk, CA USA

[3] Univ Michigan, Stephen M Ross Sch Business, 701 Tappan St,R5456, Ann Arbor, MI 48109 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2016年 / 29卷 / 08期

关键词：

G30; G31; E41; US FIRMS HOLD; CROSS-SECTION; TRANSACTIONS DEMAND; MONEY; GOVERNANCE; DETERMINANTS; LIQUIDITY; TIME; RISK;

D O I：

10.1093/rfs/hhw021

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Firms until recently were effectively constrained to hold liquid assets in non-interest-bearing accounts. As a result, the cost of capital of firms' liquid-assets portfolios exceeded the return, especially when the risk-free interest rate was high. The spread between cost and return is the cost of carry. Changes in the cost of carry explain the dynamics of corporate "cash" holdings both in the United States and abroad, and the level of cost of carry explains the level of liquid-asset holdings across countries. We conclude that current US corporate cash holdings are not abnormal in a historical or international comparison.

引用

页码：2194 / 2240

页数：47

共 55 条

[1] Corporate Liquidity Management: A Conceptual Framework and Survey [J].