Neeltje van Horen (Bank of England) – All you need is cash: Corporate cash holdings and investment after the financial crisisDiesen Termin in meinem Kalender speichern
Firms with high pre-crisis cash holdings invested significantly more during the global financial crisis and the recovery phase than their cash-poor rivals. This resulted in a persistent and growing investment gap between cash-rich and cash-poor firms. The amplification effect of cash was absent in the period preceding the crisis. It was especially strong for young and small firms and in industries where rivals were financially constrained. The ability to continue to invest after the crisis allowed cash-rich firms to gain market share and accumulate profits. A liquid balance sheet thus gives firms a long-term competitive advantage when credit conditions tighten.
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