Data breaches and corporate liquidity management
研究了美国数据泄露披露法及数据泄露事件如何影响企业的现金持有政策，发现强制披露法增加了企业现金持有，且遭受数据泄露的企业会增持现金、减少外部融资和投资。
Abstract This paper investigates the effects of data breach disclosure laws and the subsequent disclosure of data breaches on the cash policies of corporations in the United States. Exploiting a series of natural experiments regarding staggered state‐level data breach disclosure laws, we find that the passage of mandatory disclosure laws leads to an increase in cash holdings. Our finding suggests that mandatory data breach disclosure laws increase the risks related to data breaches. Further, we find firms that suffer data breaches adjust their financial policies by holding more cash as well as decreasing external finance and investment.