This paper investigates the determinants of a broad sample of Swiss non-financial firms’ cash holdings between 1995 and 2004. The median Swiss firm holds almost twice as much cash and cash equivalents as the median U.S. or U.K. firm. Our results indicate that asset tangibility and firm size...

We analyze the valuation effect of board industry experience and channels through which industry experience of outside directors affects firm value. We find that firms with more experienced outside directors are valued at a premium compared to firms with less experienced outside directors. We...