Stock liquidity and corporate cash holdings

被引：15
|
作者：
Hu Yi [1 ]
Li Yong [1 ]
Zeng Jianyu [1 ]
机构：
[1] Renmin Univ China, Hanqing Adv Inst Econ & Finance, 0307a Mingde Main Bldg, Beijing 100872, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2019年 / 28卷
关键词：
Stock liquidity; Cash holdings; Decimalization;
D O I：
10.1016/j.frl.2018.06.018
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
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.
引用
收藏
页码：416 / 422
页数：7
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