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dc.contributor.authorEhling, Paul
dc.contributor.authorHaushalter, David
dc.date.accessioned2012-09-03T10:59:54Z
dc.date.available2012-09-03T10:59:54Z
dc.date.issued2011
dc.identifier.urihttp://hdl.handle.net/11250/95412
dc.description.abstractWe examine the association between a firm’s cash holdings and its performance. Using a large sample of private companies, we find that the importance of cash for a firm’s performance varies substantially with its size and the conditions it faces. When there are negative shocks to industry or macroeconomic conditions, there is a positive association between cash holdings and performance for small firms. This association is much weaker for large firms. There is no association between cash holdings and performance for other types of conditions, regardless of the firm’s size. Consistent with the benefits from cash holdings depending on a firm’s ability – and willingness – to use external financing, small firms borrow less than large firms during negative shocks.no_NO
dc.language.isoengno_NO
dc.publisherBI Norwegian Business Schoolno_NO
dc.relation.ispartofseriesCCGR Working Paper;6/2011
dc.titleWhen Does Cash Matter?no_NO
dc.typeWorking paperno_NO
dc.source.pagenumber52 pagesno_NO


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