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Citations for "What do Firms do with Cash Windfalls?"

by Olivier J. Blanchard & Florencio Lopez-de-Silane

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  1. James Dow & Gary Gorton & Arvind Krishnamurthy, 2005. "Equilibrium Investment and Asset Prices under Imperfect Corporate Control," American Economic Review, American Economic Association, American Economic Association, vol. 95(3), pages 659-681, June.
  2. Stein, Jeremy C., 2003. "Agency, information and corporate investment," Handbook of the Economics of Finance, Elsevier, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 2, pages 111-165 Elsevier.
  3. Martijn Cremers & Rocco Huang & Zacharias Sautner, 2008. "Internal Capital Markets and Corporate Politics in a Banking Group," Yale School of Management Working Papers, Yale School of Management amz2464, Yale School of Management, revised 01 Oct 2009.
  4. Jaud Melise , & Kukenova Madina & Strieborny Martin, 2010. "Finance, Comparative Advantage, and Resource Allocation," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP), Université de Lausanne, Faculté des HEC, DEEP 10.16, Université de Lausanne, Faculté des HEC, DEEP.
  5. Steve Thompson, 1999. "Increasingly Marginal Utilities: Diversification and Free Cash Flow in Newly Privatized UK Utilities," Review of Industrial Organization, Springer, Springer, vol. 15(1), pages 25-42, August.
  6. Evangelina Dardati & Julio Riutort, 2013. "Financial Constraints and Investment: A Quasi-Experiment in the Electricity Sector," ILADES-Georgetown University Working Papers, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines inv293, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.
  7. Albuquerque, Rui & Wang, Neng, 2005. "Agency Conflicts, Investment and Asset Pricing," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4955, C.E.P.R. Discussion Papers.
  8. Gueorgui I. Kolev & Robin Hogarth, 2008. "Illusory correlation in the remuneration of chief executive officers: It pays to play golf, and well," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 1132, Department of Economics and Business, Universitat Pompeu Fabra.
  9. Alex Coad, 2008. "Distance to Frontier and Appropriate Business Strategy," DRUID Working Papers, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies 08-05, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  10. Owyong, David T., 2001. "Inflationary finance, capital mobility, and monetary coordination," International Review of Economics & Finance, Elsevier, Elsevier, vol. 10(4), pages 369-382, December.
  11. Owen A. Lamont & Christopher Polk, . "Does Diversification Destroy Value? Evidence from Industry Shocks."," CRSP working papers, Center for Research in Security Prices, Graduate School of Business, University of Chicago 521, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  12. Mussie Teclezion, 2012. "The impact of international and industrial diversification strategies on the cash flow sensitivity of cash," Managerial Finance, Emerald Group Publishing, Emerald Group Publishing, vol. 38(10), pages 977-992, October.
  13. R. Glenn Hubbard, 1998. "Capital-Market Imperfections and Investment," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
  14. Murillo Campello & John Graham & Campbell R. Harvey, 2009. "The Real Effects of Financial Constraints: Evidence from a Financial Crisis," NBER Working Papers 15552, National Bureau of Economic Research, Inc.
  15. Marco Mazzoli, 2005. "Investments, financial structure and imperfect financial markets: An intertemporal discrete-time framework," The European Journal of Finance, Taylor & Francis Journals, Taylor & Francis Journals, vol. 11(3), pages 247-258.
  16. Oswald, Dennis & Young, Steven, 2008. "Share reacquisitions, surplus cash, and agency problems," Journal of Banking & Finance, Elsevier, Elsevier, vol. 32(5), pages 795-806, May.
  17. Borja Larrain, 2004. "Financial development, financial constraints, and the volatility of industrial output," Public Policy Discussion Paper, Federal Reserve Bank of Boston 04-6, Federal Reserve Bank of Boston.
  18. Dittmar, Amy & Mahrt-Smith, Jan & Servaes, Henri, 2002. "Corporate Liquidity," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3499, C.E.P.R. Discussion Papers.
  19. Mihir A. Desai & C. Fritz Foley & James R. Hines, 2004. "A Multinational Perspective on Capital Structure Choice and Internal Capital Markets," Journal of Finance, American Finance Association, American Finance Association, vol. 59(6), pages 2451-2487, December.
  20. Christopher F. Baum & Atreya Chakraborty & Liyan Han & Boyan Liu, 2012. "The effects of uncertainty and corporate governance on firms’ demand for liquidity," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 44(4), pages 515-525, February.
  21. Uchino, Taisuke, 2013. "Bank dependence and financial constraints on investment: Evidence from the corporate bond market paralysis in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 29(C), pages 74-97.
  22. Schleicher, Thomas & Tahoun, Ahmed & Walker, Martin, 2010. "IFRS adoption in Europe and investment-cash flow sensitivity: Outsider versus insider economies," The International Journal of Accounting, Elsevier, Elsevier, vol. 45(2), pages 143-168, June.
  23. Ralph P. Heinrich, 1999. "Complementarities in Corporate Governance. A Survey of the Literature with Special Emphasis on Japan," Kiel Working Papers 947, Kiel Institute for the World Economy.
  24. Mark Duggan, 2000. "Hospital Ownership and Public Medical Spending," NBER Working Papers 7789, National Bureau of Economic Research, Inc.
  25. Eric Molay, 2013. "La Sous-Valorisation Des Actifs A Court Terme," Post-Print halshs-00853449, HAL.
  26. Marianne Bertrand & Paras Mehta & Sendhil Mullainathan, 2000. "Ferreting Out Tunneling: An Application to Indian Business Groups," NBER Working Papers 7952, National Bureau of Economic Research, Inc.
  27. Cumming, Douglas J., 2005. "Agency costs, institutions, learning, and taxation in venture capital contracting," Journal of Business Venturing, Elsevier, vol. 20(5), pages 573-622, September.
  28. Simon Gilchrist & Jae W. Sim, 2007. "Investment During The Korean Financial Crisis: A Structural Econometric Approach," Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics WP2007-001, Boston University - Department of Economics.
  29. Islam, Saiyid S. & Mozumdar, Abon, 2007. "Financial market development and the importance of internal cash: Evidence from international data," Journal of Banking & Finance, Elsevier, Elsevier, vol. 31(3), pages 641-658, March.
  30. Owen Lamont, 1996. "Cash Flow and Investment: Evidence from Internal Capital Markets," NBER Working Papers 5499, National Bureau of Economic Research, Inc.
  31. Andreas Behr, 2005. "Investment, Q und Liquidity, Evidence for Germany Using Firm Level Balance Sheet Data," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 225(1), pages 2-21, January.
  32. Markus K. Brunnermeier & Thomas M. Eisenbach & Yuliy Sannikov, 2012. "Macroeconomics with Financial Frictions: A Survey," NBER Working Papers 18102, National Bureau of Economic Research, Inc.
  33. Freinkman, Lev & Plekhanov, Alexander, 2005. "What determines the extent of fiscal decentralization ? The Russian paradox," Policy Research Working Paper Series 3710, The World Bank.
  34. Borenstein, Severin & Farrell, Joseph, 2006. "Do Investors Forecast Fat Firms? Evidence from the Gold Mining Industry," Competition Policy Center, Working Paper Series, Competition Policy Center, Institute for Business and Economic Research, UC Berkeley qt4h02v1jp, Competition Policy Center, Institute for Business and Economic Research, UC Berkeley.
  35. Begley, Joy & Feltham, Gerald A., 1999. "An empirical examination of the relation between debt contracts and management incentives," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 27(2), pages 229-259, April.
  36. Chen, Shimin & Sun, Zheng & Tang, Song & Wu, Donghui, 2011. "Government intervention and investment efficiency: Evidence from China," Journal of Corporate Finance, Elsevier, Elsevier, vol. 17(2), pages 259-271, April.
  37. An, Yunbi & Cheung, Keith, 2010. "Project financing: Deal or no deal," Review of Financial Economics, Elsevier, Elsevier, vol. 19(2), pages 72-77, April.
  38. Tobias Schmidt & Michael J. Dowling & Christian Lechner, 2006. "The Impact of Initial Public Offerings on the External Growth Strategies of Entrepreneurial Firms," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, Pepperdine University, Graziadio School of Business and Management, vol. 11(2), pages 95-110, Summer.
  39. Dwight M. Jaffee & Thomas Russell, 1996. "Catastrophe Insurance, Capital Markets and Uninsurable Risks," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 96-12, Wharton School Center for Financial Institutions, University of Pennsylvania.
  40. Lili Qiu, 2004. "Which Institutional Investors Monitor? Evidence from Acquisition Activity," Working Papers 2004-21, Brown University, Department of Economics.
  41. Alessandro Fiaschi, 2009. "Managerial discretion and optimal financing policies with cash flow uncertainty," Working Papers, Doctoral School of Economics, Sapienza University of Rome 3, Doctoral School of Economics, Sapienza University of Rome.
  42. Simon Gilchrist & Jae W. Sim, 2007. "Investment during the Korean Financial Crisis: A Structural Econometric Analysis," NBER Working Papers 13315, National Bureau of Economic Research, Inc.
  43. Taillard, Jerome Ph. A., 2008. "Thriving in the Midst of Financial Distress? An Analysis of Firms Exposed to Abestos Litigation," Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics 2008-12, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  44. George A. Akerlof, 2007. "The Missing Motivation in Macroeconomics," American Economic Review, American Economic Association, American Economic Association, vol. 97(1), pages 5-36, March.
  45. Sandip Dhole & Saleha B Khumawala & Sagarika Mishra & Tharindra Ranasinghe, . "Executive Compensation and Regulation Imposed Corporate Governance: Evidence from the California Non-Profit Integrity Act (2004)," Financial Econometics Series, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance 2012_11, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  46. Cline, Brandon N. & Garner, Jacqueline L. & Yore, Adam S., 2014. "Exploitation of the internal capital market and the avoidance of outside monitoring," Journal of Corporate Finance, Elsevier, Elsevier, vol. 25(C), pages 234-250.
  47. Kusnadi, Yuanto, 2011. "Do corporate governance mechanisms matter for cash holdings and firm value?," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 19(5), pages 554-570, November.
  48. Biddle, Gary C. & Hilary, Gilles & Verdi, Rodrigo S., 2009. "How does financial reporting quality relate to investment efficiency?," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 48(2-3), pages 112-131, December.
  49. Fritz Foley, C. & Hartzell, Jay C. & Titman, Sheridan & Twite, Garry, 2007. "Why do firms hold so much cash? A tax-based explanation," Journal of Financial Economics, Elsevier, Elsevier, vol. 86(3), pages 579-607, December.
  50. Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2012. "Financing of firms in developing countries : lessons from research," Policy Research Working Paper Series 6036, The World Bank.
  51. Joseph Farrell & Severin Borenstein, 2000. "Is Cost-Cutting Evidence of X-Inefficiency?," American Economic Review, American Economic Association, American Economic Association, vol. 90(2), pages 224-227, May.
  52. Lockhart, G. Brandon, 2014. "Credit lines and leverage adjustments," Journal of Corporate Finance, Elsevier, Elsevier, vol. 25(C), pages 274-288.
  53. Yusuf Mohammed Nulla & Dimitris Nikolaou Koumparoulis, 2013. "CEO Compensation System in Large Canadian Financial Institutions," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 137-155.
  54. Lamont, Owen A. & Polk, Christopher, 2002. "Does diversification destroy value? Evidence from the industry shocks," Journal of Financial Economics, Elsevier, Elsevier, vol. 63(1), pages 51-77, January.
  55. Alessandro Tampieri, 2011. "Why Do Superstars Exist? Talent, Fame and Power," QA - Rivista dell'Associazione Rossi-Doria, Associazione Rossi Doria, Associazione Rossi Doria, issue 1, March.
  56. Malcolm Baker & Richard S. Ruback & Jeffrey Wurgler, 2004. "Behavioral Corporate Finance: A Survey," NBER Working Papers 10863, National Bureau of Economic Research, Inc.
  57. Core, John E. & Guay, Wayne R. & Verdi, Rodrigo S., 2006. "Agency problems of excess endowment holdings in not-for-profit firms," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 41(3), pages 307-333, September.
  58. Alderson, Michael J. & Betker, Brian L., 2009. "Were internal capital markets affected by the 'perfect' pension storm?," Journal of Corporate Finance, Elsevier, Elsevier, vol. 15(2), pages 257-271, April.
  59. Lins, Karl V. & Servaes, Henri & Tufano, Peter, 2010. "What drives corporate liquidity? An international survey of cash holdings and lines of credit," Journal of Financial Economics, Elsevier, Elsevier, vol. 98(1), pages 160-176, October.
  60. Freinkman, Lev & Plekhanov, Alexander, 2009. "Fiscal Decentralization in Rentier Regions: Evidence from Russia," World Development, Elsevier, Elsevier, vol. 37(2), pages 503-512, February.
  61. Franzoni, Francesco, 2009. "Underinvestment vs. overinvestment: Evidence from price reactions to pension contributions," Journal of Financial Economics, Elsevier, Elsevier, vol. 92(3), pages 491-518, June.
  62. Erickson, Timothy & Whited, Toni M., 2005. "Proxy-quality thresholds: Theory and applications," Finance Research Letters, Elsevier, Elsevier, vol. 2(3), pages 131-151, September.
  63. Lambie, N. Ross, 2009. "The role of real options analysis in the design of a greenhouse gas emissions trading scheme," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia, Australian Agricultural and Resource Economics Society 47626, Australian Agricultural and Resource Economics Society.
  64. Jed DeVaro & Jin-Hyuk Kim & Nick Vikander, 2014. "Pay-for-(Persistent)-Luck: CEO Bonuses Under Relational and Formal Contracting," Discussion Papers 14-13, University of Copenhagen. Department of Economics.
  65. Brown, Jason L. & Fisher, Joseph G. & Sooy, Matthew & Sprinkle, Geoffrey B., 2014. "The effect of rankings on honesty in budget reporting," Accounting, Organizations and Society, Elsevier, vol. 39(4), pages 237-246.
  66. Alexander Plekhanov & Sergei Guriev & Konstantin Sonin, 2009. "Development based on commodity revenues," Working Papers, European Bank for Reconstruction and Development, Office of the Chief Economist 108, European Bank for Reconstruction and Development, Office of the Chief Economist.
  67. Markus Glaser & Florencio Lopez-De-Silanes & Zacharias Sautner, 2013. "Opening the Black Box: Internal Capital Markets and Managerial Power," Journal of Finance, American Finance Association, American Finance Association, vol. 68(4), pages 1577-1631, 08.
  68. Xu, Pisun (Tracy), 2013. "Managerial incentives and a firm's cash flow sensitivities," International Review of Economics & Finance, Elsevier, Elsevier, vol. 27(C), pages 80-96.
  69. Tornell, Aaron & Lane, Philip R., 1998. "Are windfalls a curse?: A non-representative agent model of the current account," Journal of International Economics, Elsevier, Elsevier, vol. 44(1), pages 83-112, February.
  70. Marco Mazzoli, 2004. "Investments, financial structure and insiders' control of the cash-flow: an intertemporal discrete-time framework and a qualitative analysis," Money Macro and Finance (MMF) Research Group Conference 2003, Money Macro and Finance Research Group 61, Money Macro and Finance Research Group.
  71. Samuel, Cherian, 1996. "Internal finance and investment : another look," Policy Research Working Paper Series 1663, The World Bank.
  72. Aaron Tornell & Philip Lane, 1994. "Are Windfalls a Curse? A Non-Representative Agent Model of the Current Account and Fiscal Policy," NBER Working Papers 4839, National Bureau of Economic Research, Inc.
  73. Heitor Almeida & Murillo Campello & Michael S. Weisbach, 2002. "Corporate Demand for Liquidity," NBER Working Papers 9253, National Bureau of Economic Research, Inc.
  74. Steven N. Kaplan & Luigi Zingales, 1995. "Do Financing Constraints Explain Why Investment is Correlated with Cash Flow?," NBER Working Papers 5267, National Bureau of Economic Research, Inc.
  75. Andrade, Gregor & Stafford, Erik, 2004. "Investigating the economic role of mergers," Journal of Corporate Finance, Elsevier, Elsevier, vol. 10(1), pages 1-36, January.
  76. Jain, Bharat A. & Li, Joanne & Shao, Yingying, 2013. "Governance, product market competition and cash management in IPO firms," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(6), pages 2052-2068.
  77. Ozkan, Aydin & Ozkan, Neslihan, 2004. "Corporate cash holdings: An empirical investigation of UK companies," Journal of Banking & Finance, Elsevier, Elsevier, vol. 28(9), pages 2103-2134, September.