-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 …

pronounced when firms have poorly incentivized managers. We find that firms with a larger number of banking relationships are …

ownership and cash holding is found. The findings indicate that managerial ownership aligns the interests of managers with those … higher level of managerial ownership, entrenchment effect of managers is seen. Managers practice their own interests at the …