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DTSTAMP:20260404T194024Z
DESCRIPTION:Cash\, Volatility\, and Corporate Investment\nShira CohenColumb
 ia University\nDate: January 28\, 2014Time: 10:00 am - 11:30 amLocation: R
 oom 310\nAbstract: \nI examine the effect of cash holdings on the relation
 ship between cash flow volatility and corporate investment. My results cal
 l into question the long-assumed negative association between cash flow vo
 latility and corporate investment. Using an expanded dataset of U.S. domes
 tic firms\, I show that firms with high cash holdings increase investment 
 in the face of increasing cash flow volatility\, whereas firms with low ca
 sh holdings lower their investment expenditure. In doing so\, I provide em
 pirical evidence in support of theoretical models predicting that the sens
 itivity of investment to volatility is dependent on the level of balance s
 heet cash holdings. I also analyze the mechanism by which cash flow volati
 lity affects investment and show that the relationship between the two is 
 not necessarily driven by how much cash flow volatility a company faces\, 
 but rather by how much volatility the company faces after controlling for 
 the ability of balance sheet cash to absorb that volatility.\nFor more inf
 ormation\, please contact Darlene Fowler at: darlene.fowler [at] mcgill.ca
 .
DTSTART:20140128T150000Z
DTEND:20140128T163000Z
LOCATION:Room 310\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Seminar: Shira Cohen\, Columbia University
URL:https://www.mcgill.ca/desautels/channels/event/seminar-shira-cohen-colu
 mbia-university-232608
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