Market value of 10-K readability and corporate cash holdings

We investigate the effect of 10-K readability on the association between stock returns and changes in cash holdings and find that readability significantly increases the marginal value of cash holdings (MVCH). The value spread for firms with high-readability reports is about US $0.08 per dollar of c...

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Veröffentlicht in:	Economics letters 2021-04, Vol.201, p.109796, Article 109796
Hauptverfasser:	Choi, Sanghak, Chung, Chune Young, Kim, Daejin, Lee, Junyoup
Format:	Artikel
Sprache:	eng
Schlagworte:	Cash flow Causality Companies Marginal value of corporate cash holdings Market value Readability Stock exchanges
Online-Zugang:	Volltext
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