Can Changes in the Cost of Carry Explain the Dynamics of Corporate 'Cash' Holdings?
作者： Joss Azar , Jean-Frannois Kagy , Martin C. Schmalz
DOI: 10.2139/SSRN.2367162
关键词: Cash on cash return 、 Cash and cash equivalents 、 Cost of capital 、 Cost of carry 、 Cash and carry 、 Cash flow statement 、 Economics 、 Finance 、 Monetary economics 、 Cash flow forecasting 、 Operating cash flow
摘要: Firms until recently were effectively constrained to hold liquid assets in non-interest-bearing accounts. As a result, the cost of capital firms' portfolios exceeded return, especially when risk-free interest rate was high. The spread between and return is carry. Changes carry explain dynamics corporate "cash" holdings both United States abroad, level explains asset across countries. We conclude that current US cash are not abnormal historical or international comparison.
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