This research examines the relationships between government economic policy uncertainty and corporate cash holdings and the value of cash. We find robust evidence that policy uncertainty is positively related to corporate cash holdings due to firms' precautionary motives and investment delays....

This research examines the relations between government economic policy uncertainty and firm cash holdings and the value of cash. We find robust evidence that policy uncertainty is positively related to corporate cash holdings due to firms' precautionary motives and investment delays. Policy...

This research examines the relationships between tournament-based incentives and corporate cash holdings and the value of cash. We find robust evidence that tournament-based incentives are positively related to cash holdings and the value of cash. Moreover, the effect of tournament-based...

We exploit the staggered adoption of universal demand (UD) laws, which hinders shareholders' rights to initiate derivative lawsuits, by 23 states in the United States from 1989-2005 as a quasi-natural experiment to examine the effects of shareholder litigation as a corporate governance mechanism...

We investigate the effects of blockholder exit threats, which increase with stock liquidity, on corporate cash holdings and the value of cash to shareholders. Exploiting decimalization as an exogenous shock to stock liquidity to identify the effects of blockholder exit threats, we find robust...