Uncertainty and the Value of Cash Holdings

We find that a firm facing higher uncertainty has a higher value of cash. This effect is attributed to the increased value of the option to wait and see as well as the aggravated financial constraints and mitigated agency conflicts

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Year of publication:	2017
Authors:	Im, Hyun Joong
Other Persons:	Park, Heungju (contributor) ; Zhao, Gege (contributor)
Publisher:	[2017]: [S.l.] : SSRN
Subject:	Corporate Governance \| Corporate governance \| Cash-Management \| Cash management \| Betriebliche Liquidität \| Corporate liquidity \| Risiko \| Risk

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Extent:	1 Online-Ressource (13 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Economics Letters, 155, 2017, pp. 43-48 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 27, 2017 erstellt
Classification:	d22 ; D81 - Criteria for Decision-Making under Risk and Uncertainty ; D92 - Intertemporal Firm Choice and Growth, Investment, or Financing ; G31 - Capital Budgeting; Investment Policy ; G32 - Financing Policy; Capital and Ownership Structure ; G34 - Mergers; Acquisitions; Restructuring; Corporate Governance
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012962206