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Keywords: market friction
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Journal Articles
Journal of International Accounting Research (2020) 19 (1): 5–28.
Published: 01 March 2020
.... 11 2019 1 2020 2020 cash holdings market friction IFRS adoption initial enforcement of insider trading laws We examine how a firm's information environment affects its cash policy. In a frictionless market, as conjectured by Miller and Modigliani (1961) , cash policy does...