Innovation and Corporate Cash Holdings in the Era of Globalization /:
We document a broad-based trend in rising cash holdings of firms across major industrialized countries over the last two decades, a trend that is most pronounced for firms engaged strongly in R and D activities. Our contributions to the literature are twofold. First, we develop a simple model that b...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2019]
|
| Schriftenreihe: | IMF working paper ;
WP/19/17. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We document a broad-based trend in rising cash holdings of firms across major industrialized countries over the last two decades, a trend that is most pronounced for firms engaged strongly in R and D activities. Our contributions to the literature are twofold. First, we develop a simple model that brings together the insights from modern trade theory (Melitz, 2003) with those of contract theory in corporate finance (Holmstrom and Tirole, 1998) to show that increased openness to trade can result in rising returns to innovation and in turn greater demand for cash as firms insure against innovation-induced liquidity risk. Second, we derive sharp empirical predictions and find supporting evidence for them using firm-level data across major G7 countries during 1995-2014, a period that saw an unprecedented rise in globalization and business innovation. |
| Beschreibung: | 1 online resource (63 pages) |
| ISBN: | 1484395468 9781484395462 |
Internformat
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| 520 | 3 | |a We document a broad-based trend in rising cash holdings of firms across major industrialized countries over the last two decades, a trend that is most pronounced for firms engaged strongly in R and D activities. Our contributions to the literature are twofold. First, we develop a simple model that brings together the insights from modern trade theory (Melitz, 2003) with those of contract theory in corporate finance (Holmstrom and Tirole, 1998) to show that increased openness to trade can result in rising returns to innovation and in turn greater demand for cash as firms insure against innovation-induced liquidity risk. Second, we derive sharp empirical predictions and find supporting evidence for them using firm-level data across major G7 countries during 1995-2014, a period that saw an unprecedented rise in globalization and business innovation. | |
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| author | Adler, Konrad Ahn, JaeBin Dao, Mai Chi |
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| contents | Cover; Innovation and Corporate Cash Holdings in the Era of Globalization; 1 Introduction; 2 Stylized facts; 3 A model of liquidity demand and export-oriented innovation; 4 Empirical Analysis; 5 Conclusion; References |
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| indexdate | 2024-11-26T14:49:33Z |
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| spelling | Adler, Konrad, author. Innovation and Corporate Cash Holdings in the Era of Globalization / Konrad Adler, JaeBin Ahn, Mai Chi Dao. [Washington, D.C.] : International Monetary Fund, [2019] ©2019 1 online resource (63 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Paper ; WP/19/17 Print version record. Cover; Innovation and Corporate Cash Holdings in the Era of Globalization; 1 Introduction; 2 Stylized facts; 3 A model of liquidity demand and export-oriented innovation; 4 Empirical Analysis; 5 Conclusion; References We document a broad-based trend in rising cash holdings of firms across major industrialized countries over the last two decades, a trend that is most pronounced for firms engaged strongly in R and D activities. Our contributions to the literature are twofold. First, we develop a simple model that brings together the insights from modern trade theory (Melitz, 2003) with those of contract theory in corporate finance (Holmstrom and Tirole, 1998) to show that increased openness to trade can result in rising returns to innovation and in turn greater demand for cash as firms insure against innovation-induced liquidity risk. Second, we derive sharp empirical predictions and find supporting evidence for them using firm-level data across major G7 countries during 1995-2014, a period that saw an unprecedented rise in globalization and business innovation. Corporations Finance Econometric models. Corporations Finance Econometric models fast Ahn, JaeBin, author. http://id.loc.gov/authorities/names/no2011180639 Dao, Mai Chi, author. International Monetary Fund, issuing body. http://id.loc.gov/authorities/names/n81052755 has work: Innovation and Corporate Cash Holdings in the Era of Globalization (Text) https://id.oclc.org/worldcat/entity/E39PCG9fTcBJtwx6vj9dpkyMHd https://id.oclc.org/worldcat/ontology/hasWork Print version: Adler, Konrad. Innovation and Corporate Cash Holdings in the Era of Globalization. Washington, D.C. : International Monetary Fund, ©2019 IMF working paper ; WP/19/17. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=2015050 Volltext |
| spellingShingle | Adler, Konrad Ahn, JaeBin Dao, Mai Chi Innovation and Corporate Cash Holdings in the Era of Globalization / IMF working paper ; Cover; Innovation and Corporate Cash Holdings in the Era of Globalization; 1 Introduction; 2 Stylized facts; 3 A model of liquidity demand and export-oriented innovation; 4 Empirical Analysis; 5 Conclusion; References Corporations Finance Econometric models. Corporations Finance Econometric models fast |
| title | Innovation and Corporate Cash Holdings in the Era of Globalization / |
| title_auth | Innovation and Corporate Cash Holdings in the Era of Globalization / |
| title_exact_search | Innovation and Corporate Cash Holdings in the Era of Globalization / |
| title_full | Innovation and Corporate Cash Holdings in the Era of Globalization / Konrad Adler, JaeBin Ahn, Mai Chi Dao. |
| title_fullStr | Innovation and Corporate Cash Holdings in the Era of Globalization / Konrad Adler, JaeBin Ahn, Mai Chi Dao. |
| title_full_unstemmed | Innovation and Corporate Cash Holdings in the Era of Globalization / Konrad Adler, JaeBin Ahn, Mai Chi Dao. |
| title_short | Innovation and Corporate Cash Holdings in the Era of Globalization / |
| title_sort | innovation and corporate cash holdings in the era of globalization |
| topic | Corporations Finance Econometric models. Corporations Finance Econometric models fast |
| topic_facet | Corporations Finance Econometric models. Corporations Finance Econometric models |
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