Corporate cash holdings and industry risk
研究发现企业行业风险暴露每增加一个标准差，现金持有量增加10%，且行业风险对现金持有的影响大于经济整体风险和特有风险，竞争激烈、高杠杆、短期债务多、有形资产少的企业影响更大。
Abstract I conjecture that a firm's sensitivity to industry shocks escalates its need to retain a cash buffer. Consistent with this conjecture, I find that a 1 SD increase in a firm's industry risk exposure increases cash holdings by 10%. In fact, industry risk has a greater effect on corporate cash holdings than does economywide and idiosyncratic risk in my sample. The effect of industry risk exposure on corporate cash holdings is greater for firms in highly competitive industries, as well as for firms with high leverage, a greater fraction of short‐term debt, and few tangible assets.