Corporate Cash Policy and How to Manage it with Stock Repurchases
AbstractAt the end of 2004 total U.S. corporate cash holdings reached an all-time high of just under $2 trillion-an amount equal to roughly 15% of the total U.S. GDP. And during the past 25 years, average cash holdings have jumped from 10% to 23% of total corporate assets. But at the same time their levels of cash have risen, U.S. companies have paid out dramatically increasing amounts of cash to buy back shares. Copyright (c) 2008 Morgan Stanley.
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Bibliographic InfoArticle provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.
Volume (Year): 20 (2008)
Issue (Month): 3 ()
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- Patrick Bolton & Hui Chen & Neng Wang, 2011. "A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management," Journal of Finance, American Finance Association, vol. 66(5), pages 1545-1578, October.
- Neng Wang & Hui Chen & Patrick Bolton, 2010. "A unified theory of Tobin's q, corporate investment, financing, and risk management," 2010 Meeting Papers 609, Society for Economic Dynamics.
- A. Mantovi, 2011. "Dividends, sustainability and relevance," Economics Department Working Papers 2011-EP03, Department of Economics, Parma University (Italy).
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