The DOI matches its Crossref record; 83 of the 83 references it cites were found in a registry or an index.
Refinancing Risk and Cash Holdings
Open accessAbstract
We find that firms mitigate refinancing risk by increasing their cash holdings and saving cash from cash flows. The maturity of firms’ long‐term debt has shortened markedly, and this shortening explains a large fraction of the increase in cash holdings over time. Consistent with the inference that cash reserves are particularly valuable for firms with refinancing risk, we document that the value of these reserves is higher for such firms and that they mitigate underinvestment problems. Our findings imply that refinancing risk is a key determinant of cash holdings and highlight the interdependence of a firm's financial policy decisions.
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Cites
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
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Agency costs of free cash flow, corporate finance, and takeovers
Jensen, M. C. (1996) · Corporate Bankruptcy · doi:10.1017/cbo9780511609435.005 · Cited by 9,306
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
The theory and practice of corporate finance: evidence from the field
Graham, J. R., & Harvey, C. R. (2001) · Journal of Financial Economics · doi:10.1016/s0304-405x(01)00044-7 · Cited by 5,939
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The Benefits of Lending Relationships: Evidence from Small Business Data
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The determinants and implications of corporate cash holdings
Opler, T. (1999) · Journal of Financial Economics · doi:10.1016/s0304-405x(99)00003-3 · Cited by 3,914
The Cash Flow Sensitivity of Cash
Almeida, H., Campello, M., & Weisbach, M. S. (2004) · The Journal of Finance · doi:10.1111/j.1540-6261.2004.00679.x · Cited by 3,496
Cited by
LINS, K. V., SERVAES, H., & TAMAYO, A. (2017) · The Journal of Finance · doi:10.1111/jofi.12505 · Cited by 3,794
Is working capital management value-enhancing? Evidence from firm performance and investments
Aktas, N., Croci, E., & Petmezas, D. (2015) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2014.12.008 · Cited by 534
Navigating through economic policy uncertainty: The role of corporate cash holdings
Duong, H. N., Nguyen, J. H., Nguyen, M., & Rhee, S. G. (2020) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2020.101607 · Cited by 367
Corporate social responsibility and corporate cash holdings
Cheung, A. (. K. (2016) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2016.01.008 · Cited by 304
Metadata
- Authors
- HARFORD, J., KLASA, S., & MAXWELL, W. F.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2014-05-08
- Volume
- 69
- Issue
- 3
- Pages
- 975-1012
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2972588609
- Cited by
- 667
- References
- 83
- FWCI
- 117.17
- 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.
