By Ira Yermish
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Extra resources for Canon Financial Services, INC. the Systems and Methods Committee
From the graph, it is clear that there are some years where the strategy is not proﬁtable (including 1998, where mean returns are À61%). However, median returns (Panel B) suggest that the poor returns in Panel A are largely attributable to outliers. 01. The ‘‘star’’ performance of a few cash-hoarding ﬁrms provides a possible explanation for why the market does not fully recognize the implications of cash hoarding for future returns. If, as Hirshleifer and Teoh (2003) assert, investors have limited attention, then information that is more salient should be better reﬂected in market price than information that is less 48 DEREK OLER AND MARC PICCONI salient.
Firms that seem to have a limited set of investment opportunities, ﬁrms that are more likely to go bankrupt, and ﬁrms with weaker corporate governance are penalized by the market for holding excess cash. Firms that are more likely to be able to proﬁtably invest excess cash, however, are not penalized. This chapter adds to the second stream of research on cash holdings by investigating the implications of a ﬁrm’s cash balance on future returns and performance. Contemporaneous valuation gives the market’s current assessment of the ﬁrm’s cash balance, but does the market get it right?
V. is Contemporaneous Returns Hoarding dummy Cash level Cash from operations Cash from ﬁnancing Cash from investing Book-to-market Momentum Sales growth Accruals Intercept Number of observations F-score Adjusted R2 Panel B: D. V. 53% 16 Notes: The results of regressions of contemporaneous returns (Panel A) and future returns (Panel B) on a dummy variable set to one if the ﬁrm is deﬁned as ‘‘cash hoarding’’ for a given year. ‘‘D. ’’ We control for cash level; cash ﬂows from operations, ﬁnancing, and investing activities; as well as book-to-market, size, momentum, sales growth, and accruals.
Canon Financial Services, INC. the Systems and Methods Committee by Ira Yermish