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1、The Cash Flow Sensitivity of CashHeitor Almeida, Murillo Campello, and Michael S. Weisbach**Almeida is at New York University. Campello and Weisbach are at the University of Illinois. Wethank an anonymous referee, Rick Green (the editor), Viral Acharya, Dan Bernhardt, Matt Bil-l
2、ett, Long Chen, Ted Fee, Jon Garfinkel, John Graham, Charlie Hadlock, Jarrad Harford, HarrisonHong, George Pennacchi, Eric Rasmussen, René Stulz, Toni Whited, and Jeffrey Wurgler for theirvery helpful suggestions. Comments from seminar participants at the November 2002 NBER Cor-po
3、rate Finance Meeting, Duke University, Georgia State University, Indiana University, LouisianaState University, New York University, New York Federal Reserve Bank, University of Illinois, andUniversity of Iowa are also appreciated.abstractWe model a firm’s demand for liquidity to
4、 develop a new test of the effect of financial constraintson corporate policies. The effect of financial constraints is captured by the firm’s propensity to savecash out of cash flows (the cash flow sensitivity of cash). We hypothesize that constrained firmsshould have a positive cash fl
5、ow sensitivity of cash, while unconstrained firms’ cash savings shouldnot be systematically related to cash flows. We empirically estimate the cash flow sensitivity ofcash using a large sample of manufacturing firms over the 1971 to 2000 period and find robustsupport for our theory.T
6、wo important areas of research in corporate finance are the effects of financial constraints onfirm behavior and the manner in which firms perform financial management. These two issues,although often studied separately, are fundamentally linked. As originally proposed by Keynes(1936)
7、, a major advantage of a liquid balance sheet is that it allows firms to undertake valuableprojects when they arise. However, Keynes also argued that the importance of balance sheetliquidity is influenced by the extent to which firms have access to external capital markets (p. 196)
8、.If a firm has unrestricted access to external c
