Can Changes in the Cost of Carry Explain the Dynamics of Corporate “Cash” Holdings?
研究发现企业持有流动资产的成本与回报之间的差额（持有成本）的变化，能解释美国及跨国企业现金持有的动态，并指出当前美国企业现金持有水平在历史和国际比较中并不异常。
Firms until recently were effectively constrained to hold liquid assets in non-interest-bearing accounts. As a result, the cost of capital of firms’ liquid-assets portfolios exceeded the return, especially when the risk-free interest rate was high. The spread between cost and return is the cost of carry. Changes in the cost of carry explain the dynamics of corporate “cash” holdings both in the United States and abroad, and the level of cost of carry explains the level of liquid-asset holdings across countries. We conclude that current US corporate cash holdings are not abnormal in a historical or international comparison. Received February 17, 2015; accepted October 1, 2015 by Editor David Denis.