In Multinationals and the High Cash Holdings Puzzle (NBER Working Paper No. 18120), authors Lee Pinkowitz, Rene Stulz, and Rohan Williamson find that the cash holdings of American multinational companies increased sharply in the early 2000s and have continued to be unusually high since the financial crisis. Moreover, although U.S. firms held less cash than comparable foreign firms in the late-1990s, they held more cash than those firms by 2010.
展开▼
