Cash Holdings, Firm Value and the Role of Market Imperfections. A Cross Country Analysis

被引：3

作者：

Calcagnini, Giorgio ^{[1
]}

Gehr, Adam ^{[2
]}

Giombini, Germana ^{[1
]}

机构：

[1] Univ Urbino Carlo Bo, Dept Econ & Quantitat Methods, Carlo Bo Via Staff 42, Urbino, Italy

[2] Depaul Univ, Dept Finance, Chicago, IL USA

来源：

ECONOMICS OF IMPERFECT MARKETS: THE EFFECTS OF MARKET IMPERFECTIONS ON ECONOMIC DECISION-MAKING | 2010年

关键词：

FINANCIAL STRUCTURE; AGENCY COSTS; DEMAND; MONEY; INVESTMENT; DETERMINANTS; DECISIONS; FLOW;

D O I：

10.1007/978-3-7908-2131-4_3

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper we evaluate the empirical importance of the contemporaneous presence of financial and labor market imperfections by studying cross-country differences in market valuations of listed companies and firms' cash holdings. Our results show that, as expected, financial market imperfections are positively correlated with firms' cash holdings and that the latter are larger wherever employment protection laws (EPL) are stricter. Moreover, stock markets value liquid companies less in economies with higher EPL levels.

引用

页码：51 / +

页数：3

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