Pandemics and cash
研究了流行病期间企业现金持有行为，发现非远程办公企业因员工现场工作而增加现金，源于短期债务、优先股、减少资本支出等，且与异常股票回报正相关，表明是应对不确定性而非行为因素。
Abstract We investigate the relationship between firms’ cash holdings and pandemics. Our results show that compared to tele‐workable firms, whose employees can work remotely, non‐tele‐workable firms with more on‐site employees increase cash during pandemics. This increase in cash comes from short‐debt, preferred stocks, reduction in capital expenditures, discontinuation of some operations and lower tax payments. Firms hold more cash as a reaction to higher default risk. For non‐tele‐workable firms, there is a positive relationship between abnormal stock returns and cash, suggesting that this increase in cash during pandemics is not driven by behavioral reasons but by increases in uncertainty in labor productivity.