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What do Firms do with Cash Windfalls?

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  1. La Mura, Pierfrancesco & Rapp, Marc Steffen & Schwetzler, Bernhard & Wilms, Andreas, 2011. "The certification hypothesis of fairness opinions for acquiring firms," International Review of Law and Economics, Elsevier, vol. 31(4), pages 240-248.
  2. Sylvain Catherine & Thomas Chaney & Zongbo Huang & David Sraer & David Thesmar, 2022. "Quantifying Reduced‐Form Evidence on Collateral Constraints," Journal of Finance, American Finance Association, vol. 77(4), pages 2143-2181, August.
  3. Giorgio Calcagnini & Laura Gardini & Germana Giombini & Edgar S. Carrera, 2022. "Does too much liquidity generate instability?," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 17(1), pages 191-208, January.
  4. 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.
  5. UCHINO Taisuke, 2011. "Bank Dependence and Financial Constraints on Investment: Evidence from the corporate bond market paralysis in Japan," Discussion papers 11073, Research Institute of Economy, Trade and Industry (RIETI).
  6. Heinrich, Ralph P., 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 (IfW Kiel).
  7. Zhou, Bing & Li, Yu-meng & Sun, Fang-cheng & Zhou, Zhong-guo, 2021. "Executive compensation incentives, risk level and corporate innovation," Emerging Markets Review, Elsevier, vol. 47(C).
  8. Chen, Shimin & Sun, Zheng & Tang, Song & Wu, Donghui, 2011. "Government intervention and investment efficiency: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 259-271, April.
  9. Demiralp, Ilhan & D'Mello, Ranjan & Schlingemann, Frederik P. & Subramaniam, Venkat, 2011. "Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1340-1359.
  10. Jaehong Lee & Eunsoo Kim, 2020. "The Influence of Corporate Environmental Responsibility on Overinvestment Behavior: Evidence from South Korea," Sustainability, MDPI, vol. 12(5), pages 1-20, March.
  11. Roychoudhury, Saurav & Bhowmik, Anuj & Chattopadhyay, Srobonti, 2015. "Innovation, Governance and Competition," MPRA Paper 61557, University Library of Munich, Germany.
  12. Banerjee, Shantanu & Homroy, Swarnodeep & Slechten, Aurélie, 2022. "Stakeholder preference and strategic corporate social responsibility," Journal of Corporate Finance, Elsevier, vol. 77(C).
  13. Cao, Dan & Lorenzoni, Guido & Walentin, Karl, 2019. "Financial frictions, investment, and Tobin’s q," Journal of Monetary Economics, Elsevier, vol. 103(C), pages 105-122.
  14. Ingolf Dittmann & Ernst Maug & Christoph Schneider, 2008. "How Preussag Became TUI: A Clinical Study of Institutional Blockholders and Restructuring in Europe," Financial Management, Financial Management Association International, vol. 37(3), pages 571-598, September.
  15. 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, vol. 41(3), pages 307-333, September.
  16. Evangelina Dardati & Julio Riutort, 2016. "Cap-and-Trade and Financial Constraints: Is Investment Independent of Permit Holdings?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 65(4), pages 841-864, December.
  17. Hansen, Erwin & Wagner, Rodrigo, 2017. "Stockpiling cash when it takes time to build: Exploring price differentials in a commodity boom," Journal of Banking & Finance, Elsevier, vol. 77(C), pages 197-212.
  18. Joseph Farrell & Severin Borenstein, 2000. "Is Cost-Cutting Evidence of X-Inefficiency?," American Economic Review, American Economic Association, vol. 90(2), pages 224-227, May.
  19. Charles Ham & Nicholas Seybert & Sean Wang, 2018. "Narcissism is a bad sign: CEO signature size, investment, and performance," Review of Accounting Studies, Springer, vol. 23(1), pages 234-264, March.
  20. Anagnostopoulou, Seraina C. & Trigeorgis, Lenos & Tsekrekos, Andrianos E., 2023. "Enhancement in a firm's information environment via options trading and the efficiency of corporate investment," Journal of Banking & Finance, Elsevier, vol. 149(C).
  21. 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.
  22. 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), vol. 0(1), pages 137-155.
  23. Simon Gilchrist & Jae W. Sim, 2007. "Investment During The Korean Financial Crisis: A Structural Econometric Approach," Boston University - Department of Economics - Working Papers Series WP2007-001, Boston University - Department of Economics.
  24. Radoslav Raykov, 2015. "Catastrophe insurance equilibrium with correlated claims," Theory and Decision, Springer, vol. 78(1), pages 89-115, January.
  25. Steve Thompson, 1999. "Increasingly Marginal Utilities: Diversification and Free Cash Flow in Newly Privatized UK Utilities," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 15(1), pages 25-42, August.
  26. 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, vol. 86(3), pages 579-607, December.
  27. Jeong‐Bon Kim & Leye Li & Louise Yi Lu & Yangxin Yu, 2021. "Financial statement comparability and managers’ use of corporate resources," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1697-1742, April.
  28. Alex Coad, 2008. "Distance to Frontier and Appropriate Business Strategy," LEM Papers Series 2008/13, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  29. Šagovac Mislav & Šikić Luka, 2016. "Estimation of the firm‘s balance sheet channel effects during the economic crisis: Case of Croatia," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 2(2), pages 10-29, December.
  30. Sergei Guriev & Alexander Plekhanov & Konstantin Sonin, 2009. "Development Based on Commodity Revenues?," Working Papers hal-03461797, HAL.
  31. Edmund Crawley & Andreas Kuchler, 2020. "Consumption Heterogeneity: Micro Drivers and Macro Implications," Finance and Economics Discussion Series 2020-005, Board of Governors of the Federal Reserve System (U.S.).
  32. 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.
  33. Dittmar, Amy & Mahrt-Smith, Jan, 2007. "Corporate governance and the value of cash holdings," Journal of Financial Economics, Elsevier, vol. 83(3), pages 599-634, March.
  34. Erel, Isil & Jang, Yeejin & Minton, Bernadette A. & Weisbach, Michael S., 2021. "Corporate Liquidity, Acquisitions, and Macroeconomic Conditions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(2), pages 443-474, March.
  35. Gabriel Natividad, 2013. "Financial Slack, Strategy, and Competition in Movie Distribution," Organization Science, INFORMS, vol. 24(3), pages 846-864, June.
  36. Chowdhury, Rajib & Doukas, John A. & Park, Jong Chool, 2021. "Stakeholder orientation and the value of cash holdings: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 69(C).
  37. 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, vol. 25(C), pages 234-250.
  38. Sun, Sophia Li & Habib, Ahsan & Huang, Hedy Jiaying, 2019. "Tournament incentives and stock price crash risk: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 54(C), pages 93-117.
  39. Hellwig, Martin, 2000. "Corporate Governance and the Financing of Investment for Structural Change," Sonderforschungsbereich 504 Publications 00-32, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  40. Luo, Mi (Meg), 2011. "A bright side of financial constraints in cash management," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1430-1444.
  41. An, Yunbi & Cheung, Keith, 2010. "Project financing: Deal or no deal," Review of Financial Economics, Elsevier, vol. 19(2), pages 72-77, April.
  42. 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 61, Money Macro and Finance Research Group.
  43. Lucian Arye Bebchuk & Jesse M. Fried, 2003. "Executive Compensation as an Agency Problem," Journal of Economic Perspectives, American Economic Association, vol. 17(3), pages 71-92, Summer.
  44. Dey, Aiyesha & Engel, Ellen & Liu, Xiaohui, 2011. "CEO and board chair roles: To split or not to split?," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1595-1618.
  45. Inder K. Khurana & William J. Moser & K. K. Raman, 2018. "Tax Avoidance, Managerial Ability, and Investment Efficiency," Abacus, Accounting Foundation, University of Sydney, vol. 54(4), pages 547-575, December.
  46. Ziqi Gao & Leye Li & Louise Yi Lu, 2021. "Social Capital and Managers’ Use of Corporate Resources," Journal of Business Ethics, Springer, vol. 168(3), pages 593-613, January.
  47. Knetsch, Andreas & Salzmann, Astrid, 2022. "Societal trust and corporate underinvestment," Global Finance Journal, Elsevier, vol. 54(C).
  48. Pu Liu & Yingying Shao, 2022. "Innovation and new business formation: the role of innovative large firms," Small Business Economics, Springer, vol. 59(2), pages 691-720, August.
  49. Marianne Bertrand & Paras Mehta & Sendhil Mullainathan, 2002. "Ferreting out Tunneling: An Application to Indian Business Groups," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(1), pages 121-148.
  50. O'Toole, Conor M. & Morgenroth, Edgar L.W. & Ha, Thuy T., 2016. "Investment efficiency, state-owned enterprises and privatisation: Evidence from Viet Nam in Transition," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 93-108.
  51. Youssef Benzarti & Jarkko Harju, 2021. "Using Payroll Tax Variation to Unpack the Black Box of Firm-Level Production," Journal of the European Economic Association, European Economic Association, vol. 19(5), pages 2737-2764.
  52. Tom Coupe & Olivier Gergaud & Abdul Noury, 2018. "Biases and Strategic Behaviour in Performance Evaluation: The Case of the FIFA's best soccer player award," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 80(2), pages 358-379, April.
  53. Dong, Gang Nathan & Gu, Ming & He, Hua, 2020. "Invisible hand and helping hand: Private placement of public equity in China," Journal of Corporate Finance, Elsevier, vol. 61(C).
  54. Mark G. Duggan, 2000. "Hospital Ownership and Public Medical Spending," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(4), pages 1343-1373.
  55. Servaes, Henri & Mahrt-Smith, Jan & Dittmar, Amy, 2002. "Corporate Liquidity," CEPR Discussion Papers 3499, C.E.P.R. Discussion Papers.
  56. Ozkan, Aydin & Ozkan, Neslihan, 2004. "Corporate cash holdings: An empirical investigation of UK companies," Journal of Banking & Finance, Elsevier, vol. 28(9), pages 2103-2134, September.
  57. Jin, Jing & Liao, Rose C. & Loureiro, Gilberto, 2021. "The diverse effects of currency crises on multinational and local firms: The use of foreign currency debt," Journal of Multinational Financial Management, Elsevier, vol. 62(C).
  58. Liao, Shushu, 2021. "The effect of credit shocks in the context of labor market frictions," Journal of Banking & Finance, Elsevier, vol. 125(C).
  59. C. Fritz Foley & Kalina Manova, 2015. "International Trade, Multinational Activity, and Corporate Finance," Annual Review of Economics, Annual Reviews, vol. 7(1), pages 119-146, August.
  60. Atreya Chakraborty & Christopher F. Baum & Boyan Liu, 2017. "Corporate financial policy and the value of cash under uncertainty," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 13(2), pages 149-164, April.
  61. Viral V. Acharya & Alberto Bisin, 2009. "Managerial hedging, equity ownership, and firm value," RAND Journal of Economics, RAND Corporation, vol. 40(1), pages 47-77, March.
  62. Taillard, Jerome Ph. A., 2008. "Thriving in the Midst of Financial Distress? An Analysis of Firms Exposed to Abestos Litigation," Working Paper Series 2008-12, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  63. Nikola Petrovic & Stuart Manson & Jerry Coakley, 2009. "Does Volatility Improve UK Earnings Forecasts?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(9‐10), pages 1148-1179, November.
  64. R. Glenn Hubbard, 1998. "Capital-Market Imperfections and Investment," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
  65. Pornsit Jiraporn & Young Kim & Wallace Davidson, 2005. "CEO compensation, shareholder rights, and corporate governance: An empirical investigation," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 29(2), pages 242-258, June.
  66. SHINADA Naoki, 2012. "Firms' Cash Holdings and Performance: Evidence from Japanese corporate finance," Discussion papers 12031, Research Institute of Economy, Trade and Industry (RIETI).
  67. Marco Mazzoli, 2005. "Investments, financial structure and imperfect financial markets: An intertemporal discrete-time framework," The European Journal of Finance, Taylor & Francis Journals, vol. 11(3), pages 247-258.
  68. Severin Borenstein & Joseph Farrell, 2007. "Do investors forecast fat firms? Evidence from the gold-mining industry," RAND Journal of Economics, RAND Corporation, vol. 38(3), pages 626-647, September.
  69. Jean‐Noël Barrot & Ramana Nanda, 2020. "The Employment Effects of Faster Payment: Evidence from the Federal Quickpay Reform," Journal of Finance, American Finance Association, vol. 75(6), pages 3139-3173, December.
  70. Melise Jaud & Madina Kukenova & Martin Strieborny, 2018. "Finance, Comparative Advantage, and Resource Allocation," Review of Finance, European Finance Association, vol. 22(3), pages 1011-1061.
  71. Danso, Albert & Lartey, Theophilus & Amankwah-Amoah, Joseph & Adomako, Samuel & Lu, Qinye & Uddin, Moshfique, 2019. "Market sentiment and firm investment decision-making," International Review of Financial Analysis, Elsevier, vol. 66(C).
  72. Cahuc, Pierre & Carcillo, Stéphane & Patault, Bérengère & Moreau, Flavien, 2020. "Judge Bias in Labor Courts and Firm Performance," IZA Discussion Papers 13794, Institute of Labor Economics (IZA).
  73. Hansen, Erwin & Wagner, Rodrigo, 2015. "Multinationals Stockpiling Cash: Exploring a Commodity Boom," IDB Publications (Working Papers) 7006, Inter-American Development Bank.
  74. Kim, Kirak, 2020. "Inventory, fixed capital, and the cross-section of corporate investment," Journal of Corporate Finance, Elsevier, vol. 60(C).
  75. Yunbi An & Keith Cheung, 2010. "Project financing: Deal or no deal," Review of Financial Economics, John Wiley & Sons, vol. 19(2), pages 72-77, April.
  76. Martijn Cremers & Rocco Huang & Zacharias Sautner, 2008. "Internal Capital Markets and Corporate Politics in a Banking Group," Yale School of Management Working Papers amz2464, Yale School of Management, revised 01 Oct 2009.
  77. Borja Larrain, 2004. "Financial development, financial constraints, and the volatility of industrial output," Public Policy Discussion Paper 04-6, Federal Reserve Bank of Boston.
  78. Kan Nakajima & Takafumi Sasaki, 2022. "Business group affiliation, corporate diversification, and cash holdings," Asia Pacific Journal of Management, Springer, vol. 39(1), pages 173-199, March.
  79. 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, vol. 11(2), pages 95-110, Summer.
  80. Krishna Dayal Pandey & Tarak Nath Sahu, 2019. "Debt Financing, Agency Cost and Firm Performance: Evidence from India," Vision, , vol. 23(3), pages 267-274, September.
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  82. Mavis, Christos P. & McNamee, Nathan P. & Petmezas, Dimitris & Travlos, Nickolaos G., 2020. "Selling to buy: Asset sales and acquisitions," Journal of Corporate Finance, Elsevier, vol. 62(C).
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  84. Tornell, Aaron & Lane, Philip R., 1998. "Are windfalls a curse?: A non-representative agent model of the current account," Journal of International Economics, Elsevier, vol. 44(1), pages 83-112, February.
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