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and the value of cash to shareholders. Exploiting decimalization as an exogenous shock to stock liquidity to identify the … cash holdings and a positive effect on the value of cash to shareholders. Further analysis indicates that exit threat …
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. Shareholders trade off the cost of dismissing the manager with the cost of managerial discretion over the use of liquid funds. An …'s liquidity levels and the collective propensity of shareholders and managers to reduce cash flow risk. We also discuss the firm …
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