NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Multinationals and the High Cash Holdings Puzzle

Lee Pinkowitz, René M. Stulz, Rohan Williamson

NBER Working Paper No. 18120
Issued in June 2012

---- Acknowledgements -----

Respectively, Associate Professor, Georgetown University, Professor of Finance, Everett D. Reese Chair of Banking and Monetary Economics, Ohio State University, and Professor of Finance, Georgetown University. We are grateful for comments from seminars at Georgetown University and at the Ohio State University and to Adam Davidson and Jason Sturgess for useful conversations. We thank Yeejin Jang, Robert Prilmeier, and Matt Wynter for helpful research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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