Huang, Chih Jen; Liao, Tsai-Ling; Chang, Yu-Shan - In: Studies in Economics and Finance 32 (2015) 2, pp. 204-221
Purpose – The purpose of this paper is to examine how investors’ valuation of cash holdings is related to firm-level investment. Design/methodology/approach – As prior studies note that holding excess cash serve as a driver to would be over-investing, and that over-investment imposes...