|Host Name||:The SEACEN Centre|
|Date From||:13 Apr 2023|
|Date To||:13 Apr 2023|
By conducting international panel-data regressions to investigate the association between the total market of value of listed companies and the book value of their cash holdings in 18 countries’ representative stock indices over the period 2009–2019, I find that corporate cash value was positively priced across the countries. I also find that this association strengthened in countries with better corporate governance and in those with more R&D investments. So did it in a United States (U.S.) index in response to the increase in passive index funds. The association was more impactful in a U.S. stock index than in Japan’s one.
Speaker: Kei-Ichiro Inaba, Ph. D.
Specially Appointed Professor
School of International Corporate Strategy (ICS)
Hitotsubashi University Business School
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