Opler, Tim; Pinkowitz, Lee; Stulz, Rene; Williamson, Rohan - National Bureau of Economic Research (NBER) - 1997
We examine the determinants and implications of holdings of cash and marketable" securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growth" opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firms" that have the greatest...
