Journal article
Has the value of cash increased over time?
Accounting and finance (Parkville), v 60(3), pp 2263-2299
01 Sep 2020
Abstract
We document a dramatic increase in the market valuation of cash holdings of US firms from 1988 to 2013. The value of one dollar of cash has increased by $0.019 per year during the period, indicating that shareholders place more value on cash in recent years. We also find that the increasing trend in cash value is driven mainly by increases in institutional shareholdings and accounting conservatism. We further decompose cash change into cash flows from operation (CFO) and cash flows from investing and financing activities, and find thatCFOis a significant driver of the increasing trend in cash value.
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Details
- Title
- Has the value of cash increased over time?
- Creators
- Ji-Woong Chung - University of SeoulBoochun Jung - University of Hawaiʻi at MānoaDuri Park - Drexel University
- Publication Details
- Accounting and finance (Parkville), v 60(3), pp 2263-2299
- Publisher
- Wiley
- Number of pages
- 37
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Accounting
- Web of Science ID
- WOS:000574774600012
- Scopus ID
- 2-s2.0-85058159376
- Other Identifier
- 991021860673004721
InCites Highlights
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- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Business, Finance