Do U.S. Firms Hold More Cash than Foreign Firms Do?
研究了1998至2011年间美国公司与类似外国公司现金持有量的差异，发现平均差异主要由高研发投入的美国公司驱动，排除这些公司后差异消失，国家特征解释力弱。
From 1998 to 2011, U.S. firms held more cash on average (but not at the median) than similar foreign firms (foreign twins) did. The average difference in cash holdings does not increase after 2008, and it is driven by highly R&D-intensive U.S. firms. Because there are almost no similarly R&D-intensive foreign firms, mean comparisons involving these U.S. firms are not reliable. Without these U.S. firms, neither U.S. multinational firms nor purely domestic U.S. firms hold more cash than their foreign twins do. Country characteristics have negligible explanatory power for differences in cash holdings between U.S. firms and their foreign twins. Received April 17, 2014; accepted August 4, 2015 by Editor David Denis.