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Income Smoothing and Value of Corporate Cash Holdings

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Authors

장영기

Advisor
황이석
Major
경영대학 경영학과
Issue Date
2013-08
Publisher
서울대학교 대학원
Keywords
Income smoothingcash holdingsinformation asymmetrycorporate governance
Description
학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2013. 8. 황이석.
Abstract
This study examines the effect of income smoothing on the market value of an additional dollar in cash holdings. I find that income smoothing negatively affects the marginal shareholder value of cash holdings. I also find that the effect of income smoothing on the value of cash holdings is more severe in firms with weak corporate governance. This result can be interpreted as that income smoothing garbles
information in earnings, so aggravated information asymmetry from income smoothing discounts liquid assets in the firm. The result is robust after controlling various
definitions of cash holdings and corporate governance.
Language
English
URI
https://hdl.handle.net/10371/124446
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