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Cited by 2,064

The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.

Corporate Cash Reserves and Acquisitions

Open access
Harford, Jarrad·1999·The Journal of Finance
DOI 10.1111/0022-1082.00179
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Abstract

Cash‐rich firms are more likely than other firms to attempt acquisitions. Stock return evidence shows that acquisitions by cash‐rich firms are value decreasing. Cash‐rich bidders destroy seven cents in value for every excess dollar of cash reserves held. Cash‐rich firms are more likely to make diversifying acquisitions and their targets are less likely to attract other bidders. Consistent with the stock return evidence, mergers in which the bidder is cash‐rich are followed by abnormal declines in operating performance. Overall, the evidence supports the agency costs of free cash flow explanation for acquisitions by cash‐rich firms.

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Crossref · 10.1111/0022-1082.00179

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Metadata

Authors
Harford, J.
Venue
The Journal of Finance
Publisher
Wiley
Published
1999-12
Volume
54
Issue
6
Pages
1969-1997
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/0022-1082.00179
OpenAlex
W3121250421
Cited by
2,064
References
3
FWCI
47.57
Type
journal article
Language
en
Open access
green

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Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.