2013年10月28日学术报告通知

题目：Financial Flexibility and Corporate Cash Policy

报告人：香港大学金融系Chair Prof. Chen Lin

时间：2013年10月28日（周一）下午1:30

地点：会计学院二楼报告厅（206）

摘要：

Using variations in local real estate prices as exogenous shocks to corporate financing capacity, we investigate the causal effects of financial flexibility on cash policies of US firms. Building on this natural experiment, we find strong evidence that increases in real estate values lead to smaller corporate cash reserves, declines in the marginal value of cash holdings, and lower cash flow sensitivities of cash. The representativeUSfirm holds $0.037 less of cash for each $1 of collateral, quantifying the sensitivity of cash holdings to collateral value. We further find that the decrease in cash holdings is more pronounced in firms with greater investment opportunities, financial constraints, better corporate governance, and lower local real estate price volatility.

林教授的主页为http://www.fbe.hku.hk/Aboutus/Staff_Detail.cfm?StaffID=488