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1、1AreBrazilianFirmsSavingsSensitiveToCashWindfalls?Abstract:Oneofthemoststudiedtopicsinthecorporatefinanceliteratureistheeffectoffinancialconstraintsonfirms'investmentsdecisions.Tryingtoexplainthisissue,Almeida,CampelloandWeisbach(2003)modeledtherelationshipbetweenthefi

2、nancialconstraintsfacedbyfirmsandtheirdemandforliquidity.Theyshowthatifonefirmisfinancialconstrainedwemustexpectpositivecashflowsensitivityfromcashwindfalls,whileforunconstrainedfirmsthisrelationdoesnothold.Theaimofthisarticleistocheckthispropositionusingannualdataof33

3、6non-financialBrazilianpublicfirms,from1993to2002.OurresultsshowthatfinancialconstrainedBrazilianfirmspresentedapositiverelationshipbetweencashflowincreasesandvariationsofcashholdings.WealsosuggestthatcreditconstraintsinBrazilaredirectlyrelatedtothesizeoffirms.2TheDete

4、rminantsandImplicationsofCorporateCashHoldingsAbstract:Weexaminethedeterminantsandimplicationsofholdingsofcashandmarketable"securitiesbypubliclytradedU.S.firmsinthe1971-1994period.Firmswithstronggrowth"opportunitiesandriskiercashflowsholdrelativelyhighratiosofcashtotot

5、alassets.Firms"thathavethegreatestaccesstothecapitalmarkets(e.g.largefirmsandthosewithcredit"ratings)tendtoholdlowerratiosofcashtototalassets.Theseresultsareconsistentwiththe"viewthatfirmsholdliquidassetstoensurethattheywillbeabletokeepinvestingwhencash"flowistoolowrel

6、ativetoplannedinvestmentandwhenoutsidefundsareexpensive.The"shortrunimpactofexcesscashoncapitalexpenditures,acquisitionspendingandpayoutsto"shareholdersissmall.Themainreasonthatfirmsexperiencelargechangesinexcesscashis"theoccurrenceofoperatinglosses.Thereisnoevidenceth

7、atriskmanagementandcash"holdingsaresubstitutes.3Capital-MarketImperfectionsandInvestmentAbstract:Overthepastdecade,anumberofresearchershaveextendedconventionalmodelsofbusinessfixedinvestmenttoincorporatearoleforfinancialconstraints'indetermininginvestment.Thispaperrevi

8、ewsdevelopmentsandchallengesinthisempiricalresearch,andusesadvancesinmodelsofinformationandincentiveproblemstomotivat