The 3 references with contexts in paper Christopher F. Baum, Mustafa Caglayan, Neslihan Ozkan, Oleksandr Talavera (2002) “The Impact of Macroeconomic Uncertainty on Non-Financial Firms' Demand for Liquidity” / RePEc:boc:bocoec:552

11
Harford, J., 1999. Corporate cash reserves and acquisitions.Journal of Finance, 54, 1969–1997.
Total in-text references: 3
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    Continued strong asset management enabled us to maintain a solid balance sheet with over$4.3 billion in cash...”1 Kester (1986), studying a sample of 452 US firms in 1983, reported that their average ratio of cash plus marketable securities to total assets is 8.6%; later Kim et al. (1998) reported an average of 8.1% for a sample of 915 US industrial firms over 1975–1994.
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    Harford (1999)
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    indicated that the largest 25 percent of US nonfinancial corporations held an average of eight percent of their assets in cash reserves, citing that “cash represents 20 percent or more of the equity values of many well–known companies, such as IBM and Chrysler” (1999, p. 1971).

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    a firm will accumulate cash to meet unanticipated contingencies that may arise. 10Some authors have also suggested that “excess liquidity” may reflect a speculative motive, allowing firms to take advantage of profitable future investment opportunities. If firms face higher costs of external finance, positive “excess liquidity” may also reflect this motive (Kim, Mauer and Sherman (1998, p. 336);
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    Harford (1999,
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    p. 1969)). 8 ings to minimize the expected costs of cash management, implies that the manager will alter her cash holdings in anticipation of variations in macroeconomic shocks.11Initially, we assume that the firm’s cash flow is uniformly distributed, while the upper and lower bound of the distribution are known to the manager and are identical across all firms.

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    Furthermore, one would expect that their access to external finance may be limited, requiring them to behave more cautiously, particularly in times of higher macroeconomic uncertainty. These results are broadly in line with the previous literature: e.g.,
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    Harford (1999),
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    who finds a positive relation between industry–level market–to–book (MB) ratios and firms’ cash–to–asset ratios. He states that MB ratios are proxies for information asymmetry, with high values observed in firms which derive much of their market value from firm growth opportunities and intangibles (p. 1973).

14
Kim, Chang–Soo, David C. Mauer and Ann E. Sherman, 1998. The determinants of corporate liquidity: Theory and evidence.Journal of Financial and Quantitative Analysis, 33, 335–359.
Total in-text references: 2
  1. In-text reference with the coordinate start=2416
    Prefix
    Continued strong asset management enabled us to maintain a solid balance sheet with over$4.3 billion in cash...”1 Kester (1986), studying a sample of 452 US firms in 1983, reported that their average ratio of cash plus marketable securities to total assets is 8.6%; later
    Exact
    Kim et al. (1998)
    Suffix
    reported an average of 8.1% for a sample of 915 US industrial firms over 1975–1994. Harford (1999) indicated that the largest 25 percent of US nonfinancial corporations held an average of eight percent of their assets in cash reserves, citing that “cash represents 20 percent or more of the equity values of many well–known companies, such as IBM and Chrysler” (1999, p. 1971).

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    This difference may reflect the fact that small firms hold significantly larger amounts of cash than their larger counterparts, and are thus able to make proportionally smaller adjustments to their cash holdings when faced with shocks to their cash flow.36One may interpret these results 36In a relevant context,
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    Kim et al. (1998,
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    pp. 349–353) find a negative relation between a measure of liquidity (roughly our cash–to–asset ratio) and firm size as measured by the 22 as suggesting that small firms find more room to maneuver during turbulent periods in comparison to larger firms.

18
Ozkan, Aydin and Neslihan Ozkan, 2004. Corporate cash holdings: An empirical investigation of UK companies.Journal of Banking and Finance, in press.
Total in-text references: 3
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    , these high levels of liquid assets may be viewed as options purchased by the firms’ managers that may be exercised in adverse times (via drawdowns) to ensure the long–term survival of the firm as a going concern. In search of an answer to the question of firms’ apparent “excess liquidity”, research carried out by Opler, Pinkowitz, Stulz and Williamson (1999), Faulkender (2002) and Ozkan and
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    Ozkan (2004)
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    has focused on the role of firm–specific characteristics such as leverage, growth opportunities, cash flow, and cash flow uncertainty.2They found that small, non–rated firms and firms with strong investment opportunities and riskier cash flows hold more cash.

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    database covers the strongest and the largest firms in the US economy, generalizing our observations as typical of corporate behavior might be considered reasonable. 6 2 Cash holdings under uncertainty It is well known that some non–financial corporations hold significant amounts of cash equaling a considerable fraction of their annual turnover.6Recent research (for instance, Ozkan and
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    Ozkan (2004) and
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    the references therein) has emphasized the importance of firm–specific characteristics as a determinant of firms’ cash–holding behavior. However, the macroeconomic environment within which firms operate could be an equally important determinant.

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    and guard against potential misspecification of the model. 2.1 The model A straightforward cash buffer–stock model augmented with a signal extraction framework, where a non–financial firm’s manager adjusts her cash hold8In a related context, Beaudry, Caglayan and Schiantarelli (2001) investigated the effects of monetary uncertainty on firms’ fixed investment behavior, while Baum, Caglayan and
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    Ozkan (2004)
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    considered the effects of macroeconomic uncertainty on commercial banks’ lending activity. 9The precautionary motive requires that a firm will accumulate cash to meet unanticipated contingencies that may arise. 10Some authors have also suggested that “excess liquidity” may reflect a speculative motive, allowing firms to take advantage of profitable future investment opportunities.