Pinkowitz, Lee; Stulz, René M.; Williamson, Rohan - 2012
find that the abnormal cash holdings of U.S. firms after the crisis represent on average 1.86% of assets. While U.S. firms … domestic firms after the crisis. Further, U.S. multinationals increased their cash holdings since the late 1990s relative to …, regulation, or poor governance can explain the abnormal cash holdings of U.S. firms after the crisis …