Refinancing Risk and Cash Holdings

By Jarrad Harford, Sandy Klasa, William F. Maxwell. 2013

559 citations recorded by the source corpus.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/59898ec7c66d31ed083c89385d8bbf3945cbc014

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In Accounting

1. J. Chi
2. Ching-Hung Chang
3. Thomas W. Bates
4. Huayu Shen
5. Mengyao Fu
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In Finance

1. J. Chi
2. Ching-Hung Chang
3. Thomas W. Bates
4. Huayu Shen
5. Mengyao Fu

Citations in the corpus

• Why Has the Value of Cash Increased Over Time? (2018, methodology): “Similarly, Harford, Klasa, and Maxwell (2014) find that the marginal value of cash increases in the prevailing commercial and industrial (C&I) rate, particularly for firms with relatively short-term debt maturities.”
• Economic Policy Uncertainty And Corporate Cash Holdings (2017, unknown): “We follow Harford (2005), Officer (2007) and Harford et al. (2014) to capture credit market conditions through CISPREAD - the spread of commercial and industrial loan rates (on loans greater than USD 1 million) over the federal funds rate.”
• Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis: Social Capital, Trust, and Firm Performance (2017, unknown): “…continue investing, while other firms may be forced to cut investment, especially if they have short-term debt maturing during the crisis (see Duchin, Ozbas, and Sensoy (2010), Almeida, et al. (2012), and Harford, Klasa, and Maxwell (2014) for empirical evidence consistent with these expectations).”
• COVID-19 Pandemic and Firm-level Cash Holding—Moderating Effect of Goodwill and Goodwill Impairment (2020, background): “Companies can reduce refinancing risks by increasing cash holdings and saving cash from cash flow, and cash reserves can help alleviate the problem of underinvestment (Harford, Klasa, and Maxwell 2014).”
• Cash Holdings, Competition, and Innovation (2016, unknown): “As in Harford, Klasa, and Maxwell (2014), we cluster standard errors at the firm level.18 Table 3 reports the results of estimating the system of equations in 14.”
• Cash holdings and labor heterogeneity:the role of skilled labor (2017, unknown): “…Maxwell, and Ortiz-Molina 2009), product market characteristics, such as industry concentration and product market fluidity (Haushalter, Klasa, and Maxwell 2007; Hoberg, Phillips, and Prabhala 2014), refinancing risk (Harford, Klasa, and Maxwell 2014), and foreign tax burden (Foley et al. 2007).”
• Family control and corporate cash holdings: Evidence from China (2015, unknown): “Consequently this study follows the methodological approach taken by Harford et al. (2014) and uses a simultaneous equations framework where cash holdings and other corporate policies such as leverage, debt maturity, and dividend payouts are treated as endogenous12.”