We show that when only a few investors own a substantial portion of a hedge fund's net asset value, flow volatility increases because investors' exogenous, idiosyncratic liquidity shocks are not diversified away. Using confidential regulatory filings, we confirm that high investor concentration...

This study is aimed to investigate the firms' specific and macroeconomic variables of cash holdings of manufacturing share companies in Ethiopia over the period from 2009 to 2014 inclusive. In doing so, a multiple linear regression model is used for 15 randomly selected manufacturing share...