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Corporate Cash Policy and How to Manage it with Stock Repurchases

  • Amy Dittmar
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    At 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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    Article provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.

    Volume (Year): 20 (2008)
    Issue (Month): 3 ()
    Pages: 22-34

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    Handle: RePEc:bla:jacrfn:v:20:y:2008:i:3:p:22-34
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