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Where do institutional investors seek shelter when disaster strikes? : evidence from COVID-19

Glossner, Simon; Matos, Pedro; Ramelli, Stefano; … - 2020

During the COVID-19 market crash, U.S. stocks with higher institutional ownership -- in particular, those held more by active, short-term, and more exposed institutions -- performed worse. Portfolio changes through the first quarter of 2020 reveal that institutional investors prioritized...

Persistent link: https://www.econbiz.de/10012271074

Impact of financial constraints and financial distress on cash holdings

Bukalska, Elżbieta; Maziarczyk, Anna - In: International journal of management and economics 59 (2023) 1, pp. 13-31

The aim of the study is to examine the impact of financial constraints and financial distress on cash holdings, both in normal and crisis times. We collected the 4,406 firm-year observations of companies listed on the Warsaw Stock Exchange (WSE). Our research shows that companies maintain higher...

Persistent link: https://www.econbiz.de/10014310085

Economic policy uncertainty and corporate leverage : does cash holdings matter? : evidence from the U.S.

Jumah, Zahid; Younas, Zahid Irshad; Safdar, Nabeel; … - In: Cogent economics & finance 11 (2023) 1, pp. 1-28

corporate leverage relationship. Using stepwise regression analysis and annual firm-level data of 2,534 U.S. firms listed at … NYSE over 1995-2018, we provide novel evidence that cash holdings significantly and partially mediate the EPU-leverage … relationship, accounting for a 10.72% increase in the corporate leverage during EPU. We discover that the mediating role of cash …

Persistent link: https://www.econbiz.de/10014500896

Cash, financial flexibility, and product prices : evidence from a natural experiment in the airline industry

Kim, Sehoon - 2017

Corporate cash holdings impact firms' product pricing strategies. Exploiting the Aviation Investment and Reform Act of the 21st Century as a quasi-natural experiment to identify exogenous shocks to competition in the airline industry, I find that firms with more cash than their rivals respond to...

Persistent link: https://www.econbiz.de/10011963285

Leverage and cash dynamics

DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - 2021

This paper documents new and empirically important interactions between cash-balance and leverage dynamics. Cash ratios … structure. Leverage and cash dynamics interact approximately as predicted by the internal-versus-external funding regimes in … Myers and Majluf (1984). Leverage is quite volatile when cash ratios are stable and vice-versa, while net-debt ratios are …

Persistent link: https://www.econbiz.de/10012584390

Cash holdings of German open-end equity funds : does ownership matter?

Dötz, Niko; Weth, Mark - 2013

In the light of the recent financial crisis, the discussion on the nature of runs and on the stabilizing role of liquidity holdings has intensified. This paper explores the cash management conducted by German open-end equity funds for the period between 2005 and 2010. Since ownership structures...

Persistent link: https://www.econbiz.de/10010202775

The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID

Acharya, Viral V.; Steffen, Sascha - 2021

Data on firm-loan-level daily credit line drawdowns in the United States expose a corporate “dash for cash” induced by the COVID-19 pandemic. In the first phase of the crisis, which was characterized by extreme precaution and heightened aggregate risk, all firms drew down bank credit lines...

Persistent link: https://www.econbiz.de/10013245219

The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID

Acharya, Viral V. - 2020

Data on firm-loan-level daily credit line drawdowns in the United States reveals a corporate “dash for cash” induced by COVID-19. In the first phase of extreme precaution and heightened aggregate risk, all firms drew down bank credit lines and raised cash levels. In the second phase...

Persistent link: https://www.econbiz.de/10012828070

Competition, cash holdings, and financing decisions

Morellec, Erwan; Nikolov, Boris; Zucchi, Francesca - 2013

We use a dynamic model of cash management in which firms face competitive pressure to show that competition increases corporate cash holdings as well as the frequency and size of equity issues. In our model, these effects are driven by small, financially constrained firms, in contrast with the...

Persistent link: https://www.econbiz.de/10010258537

Firm size does matter : new evidence on the determinants of cash holdings

Magerakis, Efstathios; Gillas, Konstantinos Gkillas; … - In: Journal of risk and financial management : JRFM 13 (2020) 8/163, pp. 1-33

We study the financial determinants of cash holdings and discuss the importance of firm size in the post-crisis period. We employ panel data regression analysis on a sample of 6629 non-financial and non-utility listed companies in the United Kingdom from 2010 to 2018. We focus on the comparative...

Persistent link: https://www.econbiz.de/10012322361

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