BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Memento EPFL//
BEGIN:VEVENT
SUMMARY:All You Need is Cash: Corporate Cash Holdings and Investment after
  the Financial Crisis
DTSTART:20190503T103000
DTEND:20190503T120000
DTSTAMP:20260916T203810Z
UID:2a9bfe41ade69dabdb17eb49777eb1cefd2c4eaac94e5c7e8aca0979
CATEGORIES:Conferences - Seminars
DESCRIPTION:Neeltje van HOREN\, Bank of England\nThis paper shows that aft
 er the global financial crisis UK firms with high pre-crisis cash holdings
  relative to their industry rivals invest significantly more than their ca
 sh-poor counterparts. The differential effect already appears during the c
 risis but amplifies throughout the recovery phase\, resulting in a persist
 ent and growing investment gap. This amplification effect is absent in the
  pre-crisis period. Over the same period\, cash-rich firms persistently ca
 pture market share from their cash poor rivals\, especially in industries 
 where rivals are financially constrained\, less affected by the crisis\, a
 nd more competitive\, suggesting that the ability to continue to invest du
 ring the crisis gives cash-rich firms a competitive edge that lasts far be
 yond the crisis years. Consistent with a causal effect of a shock to firms
  borrowing capacity\, the positive impact of being cash-rich is greatest f
 or young and small firms. Our results show that liquid assets are a much m
 ore important determinant of firms’ long-term growth after a financial c
 risis than previously thought.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
END:VEVENT
END:VCALENDAR