Heterogeneous impact of cost of carry on corporate money demand
研究发现持有成本对企业现金持有的负向影响在低利率时期不成立，约有10%的概率出现正向效应，且企业规模是异质性的主要驱动因素，对政策制定者评估货币政策有参考价值。
Abstract Transaction cost model predicts opportunity costs should negatively affect money demand. Examining the effect of cost of carry (CC) on cash holdings at the firm‐level, rather the average effect for entire population, we find that such a pervasive negative relation does not hold in times of low interest rate with about a 10% chance of observing positive effects. Firm size emerges as the primary driver of this heterogeneity, demonstrating a hump‐shaped effect on the cash‐CC link. Our findings suggest that policymakers should track the distributional impacts of opportunity cost of money demand over time to better evaluation of monetary policy.