Innovation and Corporate Cash Holdings in the Era of Globalization is popular PDF and ePub book, written by Konrad Adler in 2019-01-18, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Innovation and Corporate Cash Holdings in the Era of Globalization can be Read Online from any device for your convenience.
Innovation and Corporate Cash Holdings in the Era of Globalization Book PDF Summary
We document a broad-based trend in rising cash holdings of firms across major industrialized countries over the last two decades, a trend that is most pronounced for firms engaged strongly in R&D activities. Our contributions to the literature are twofold. First, we develop a simple model that brings together the insights from modern trade theory (Melitz, 2003) with those of contract theory in corporate finance (Holmström and Tirole, 1998) to show that increased openness to trade can result in rising returns to innovation and in turn greater demand for cash as firms insure against innovation-induced liquidity risk. Second, we derive sharp empirical predictions and find supporting evidence for them using firm-level data across major G7 countries during 1995-2014, a period that saw an unprecedented rise in globalization and business innovation.
Detail Book of Innovation and Corporate Cash Holdings in the Era of Globalization PDF
- Author : Konrad Adler
- Release : 18 January 2019
- Publisher : International Monetary Fund
- ISBN : 9781484392164
- Genre : Business & Economics
- Total Page : 62 pages
- Language : English
- PDF File Size : 19,9 Mb
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