Utilize este identificador para referenciar este registo: http://hdl.handle.net/10362/15348
Título: Earnings overseas and cash holdings
Autor: Nascimento, Madalena Correia Martins
Orientador: Cunha, Igor
Palavras-chave: Cash
Taxation
Liquidity
Risk
Data de Defesa: Jan-2015
Resumo: I investigate the impact of foreign pre-tax income on the total amount of cash held by companies and on the amount of cash that is held in companies’ foreign subsidiaries. I also investigate the impact of the existence and amount of cash held on companies’ foreign subsidiaries in the composition of cash holdings in terms of risk and liquidity. Using a sample of 100 largest U.S. non-financial and non-utilities companies I find that companies with higher earnings overseas present higher cash reserves and invest a higher fraction of their cash in risky assets. My evidence suggests that companies have a different optimization strategy for cash overseas, in which precautionary motives are not the main driver for holding cash.
URI: http://hdl.handle.net/10362/15348
Designação: A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics
Aparece nas colecções:NSBE: Nova SBE - MA Dissertations

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