Transient institutional ownership, costly external finance and corporate cash holdings
研究发现短期机构持股会提高企业现金持有的水平和价值，原因在于短期机构加剧了债权人与股东之间的冲突，导致债务融资成本上升，从而使现金更有价值。
Abstract We investigate and robustly show that transient institutional ownership (IO) has a positive effect on the level and value of corporate cash holdings. Further, using a regression discontinuity design exploiting the Russell 1000/2000 index reconstitution as an exogenous shock to transient IO, we show that the effects of transient IO on cash holdings are causal. Additionally, our analysis shows that transient institutions exacerbate debtholder–shareholder conflicts, thereby increasing the cost of debt. Overall, our results suggest that transient institutions make cash holdings more valuable because financing by debt becomes more costly.