作者：Faulkender, Michael W.; Hankins, Kristine W.; Petersen, Mitchell A.
作者单位：University System of Maryland; University of Maryland College Park; University of Kentucky; Northwestern University; National Bureau of Economic Research
摘要：What has driven the dramatic rise in U.S. corporate cash? Using non-public data, we show that the run-up is not uniform across firms but is concentrated in the foreign subsidiaries of multinational firms. Standard precautionary motives explain only domestic cash holdings, not these burgeoning foreign cash balances. Falling foreign tax rates, coupled with relaxed restrictions on income shifting, are the root of the changing foreign cash patterns. Firms with intellectual property have the greate...
作者：Acharya, Viral V.; Eisert, Tim; Eufinger, Christian; Hirsch, Christian
作者单位：Reserve Bank of India; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Navarra; IESE Business School; Deutsche Bundesbank
摘要：Launched in Summer 2012, the European Central Bank's (ECB) Outright Monetary Transactions (OMT) program indirectly recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability reestablished in the banking sector did not fully translate into economic growth. We document zombie lending by banks that remained weakly capitalized even post-OMT. In turn, firms receiving loans used these funds not to undertake real economic activity, such as employment...
