Catering and Cash Savings | NCCU Academic Hub

Title	Catering and Cash Savings
Creator	周冠男 Chou, Robin K.;Chen, Hsuan-Chi;Lu, Chien-Lin
Contributor	財管系
Key Words	cash holdings; catering
Date	2023-06
Date Issued	12-Oct-2023 09:01:11 (UTC+8)
Summary	We examine the catering of managers to investors' preference for cash holdings. We find that cash is positively related to the cash-holding premium as represented by the difference in the market-to-book ratios between cash-rich and noncash-rich firms. This positive effect can be attributed to different sources such as internal and external financing, and firms may switch their sources for holding cash when catering to investors' preference. Issuing firms benefit from catering to cash holdings by obtaining higher valuations from the stock market. The catering theory helps explain cash savings especially for firms without a good timing window or financing need.
Relation	European Finacial Management
Type	article
DOI	https://doi.org/10.1111/eufm.12438

dc.contributor	財管系	-
dc.creator (作者)	周冠男	-
dc.creator (作者)	Chou, Robin K.;Chen, Hsuan-Chi;Lu, Chien-Lin	-
dc.date (日期)	2023-06	-
dc.date.accessioned	12-Oct-2023 09:01:11 (UTC+8)	-
dc.date.available	12-Oct-2023 09:01:11 (UTC+8)	-
dc.date.issued (上傳時間)	12-Oct-2023 09:01:11 (UTC+8)	-
dc.identifier.uri (URI)	http://nccur.lib.nccu.edu.tw/handle/140.119/147934	-
dc.description.abstract (摘要)	We examine the catering of managers to investors' preference for cash holdings. We find that cash is positively related to the cash-holding premium as represented by the difference in the market-to-book ratios between cash-rich and noncash-rich firms. This positive effect can be attributed to different sources such as internal and external financing, and firms may switch their sources for holding cash when catering to investors' preference. Issuing firms benefit from catering to cash holdings by obtaining higher valuations from the stock market. The catering theory helps explain cash savings especially for firms without a good timing window or financing need.	-
dc.format.extent	98 bytes	-
dc.format.mimetype	text/html	-
dc.relation (關聯)	European Finacial Management	-
dc.subject (關鍵詞)	cash holdings; catering	-
dc.title (題名)	Catering and Cash Savings	-
dc.type (資料類型)	article	-
dc.identifier.doi (DOI)	10.1111/eufm.12438	-
dc.doi.uri (DOI)	https://doi.org/10.1111/eufm.12438	-