Do Funding Conditions Explain the Relation Between Cash Holdings and Stock Returns?
研究发现，现金持有与股票回报的正相关关系仅在融资环境紧张时存在，且多见于研发支出高的公司，表明该关系与未来增长机会相关。
Abstract The prior literature links cash holdings and returns (Simutin (2010), Palazzo (2012)). Using two signals of aggregate-funding availability, I find that the positive association between cash and returns only exists during constrained funding environments. In unconstrained periods, there is no association between cash and returns. The relation in constrained environments does not appear to be related to capital expenditures, expected return, or distress risk but is more prevalent in firms undertaking research and development (R&D) expenditures. This suggests that the association between cash and returns is more consistent with expanding (or maintaining) future growth opportunities rather than being attributable to differences in capital expenditures or risk.