期刊
REVIEW OF FINANCIAL STUDIES
卷 32, 期 9, 页码 3299-3334出版社
OXFORD UNIV PRESS INC
DOI: 10.1093/rfs/hhz003
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资金
- Institute for the Study of Free Enterprise
What has driven the dramatic rise in U.S. corporate cash? Using non-public data, we show that the run-up is not uniform across firms but is concentrated in the foreign subsidiaries of multinational firms. Standard precautionary motives explain only domestic cash holdings, not these burgeoning foreign cash balances. Falling foreign tax rates, coupled with relaxed restrictions on income shifting, are the root of the changing foreign cash patterns. Firms with intellectual property have the greatest ability to shift income to low tax jurisdictions, and their foreign subsidiaries are where we observe the largest accumulations of cash.
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