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1. 1. Can manager conservatism explain corporate cash holdings? Evidence from the Eurozone

   University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

   Author : Moritz Zimmermann; Kornelius Pfaff; [2013]
   Keywords : Cash holdings; Precautionary savings motive; Behavioural finance; Manager fixed effects; Executive compensation;

   Abstract : Differences in cash holdings across firms have traditionally been explained by precautionary savings motives. However, in line with a recent U.S. study, we identify a group of European industrial companies with a particularly high ratio of cash to assets, which cannot be explained by precautionary savings, agency or tax motives. READ MORE