主  題:When do firms want to hold more cash? Precautionary cash holdings and equity issuance

內(nèi)容簡(jiǎn)介:Equity issuance has a significant impact on cash holdings both in terms of scale and correlation. We investigate whether the time-varying issuance costs will lead to firms hold excess cash because of precautionary reason? If so, firms will save more from equity issuance. We proposed two precautionary reasons, one is to prevent financing constraints and the other is used for growth purpose. Our empirical results suggest that financially constrained firms are more precautionary than unconstrained. However, the firms with high growth opportunities are less precautionary. This suggests that saving from equity issuance is more likely because firms worry about financing constraint but not growth options.

報(bào)告人:張瀟    博士

時(shí)  間:2018-09-21    10:30

地  點(diǎn):位育樓117

舉辦單位:金融學(xué)院  經(jīng)濟(jì)與金融研究院  科研部