NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Why Do U.S. Firms Hold So Much More Cash Than They Used To?

Thomas W. Bates, Kathleen M. Kahle, Rene M. Stulz

NBER Working Paper No. 12534
Issued in September 2006

---- Acknowledgements -----

Respectively, assistant professor and associate professor, Eller College of Business, University of Arizona, and Everett D. Reese Chair of Banking and Monetary Economics, Fisher College, Ohio State University, NBER, and ECGI. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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