Do exchange traded funds affect corporate cash holdings?
研究发现，公司因交易所交易基金（ETF）持股带来的预期风险增加而提高现金持有量，且股东对这部分额外现金给予更高估值，在融资受限公司中更明显。
Abstract We examine the effects of equity ownership by exchange traded funds (ETFs) on corporate cash holdings. We find that firms increase their cash holdings in response to higher anticipated risks generated by ETFs. To establish a causal interpretation, we use the Russell 1000/2000 index reconstitution as an instrument for ETF ownership. We further show that shareholders place a higher value on the additional cash held by firms with higher ETF ownership. These findings are more pronounced among financially constrained firms. Overall, our results suggest that firms hold more precautionary cash to mitigate future funding needs due to higher ETF‐induced risks.