日時： 11月 4日（木）17:15-18：45

報告者：堀敬一氏（関西学院大学）

共著者：青野幸平氏（立命館大学）

タイトル： Measuring the Value of Corporate Cash Holdings against Predictable and Unpredictable Negative Shocks

（論文要旨）

This paper explores how cash mitigates predictable and unpredictable adverse cashflow shocks to firms using the financial data of Japanese firms. We find that (i) cash haspositive value before a predictable shock, whereas it has no value after a shock, (ii) after anunpredicted shock, the value of cash for the financially constrained firms is larger than thatfor the unconstrained firms, and (iii) the value of cash is similar between the two shocks for the unconstrained firms, whereas the value is larger when the unpredicted shock occurs than when the predicted shock occurs for the constrained firms.

Keywords: consumption tax hike, COVID-19, cash holdings, financial constraint, event study.
JEL Classification: G14,G32