Chen, Bing; Cui, Menglin; Chin, Chris; Seufert, Juergen - 2022
-asset investments as well as capital expendituers. To deal with this uncertainty, managers can adjust cash holdings based on their … investors to predict future cashholding and future investments. That is, managers with positive sentiment will accumulate cash … to be ready enter investment opportunties while managers with negative sentiment and belief about future investments will …