Is cash king? Market performance and cash during a recession
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How does the stock market react to cash holdings in a recession?

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Cash is measured as cash and short term investments scaled by total assets.

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Before recession, Tobin's Q declines at 0.9 levels of cash/assets (range 0 to 1).

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After recession, Tobin's Q declines at 0.4 levels of cash (range 0 to 1).

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Penalty on market performance from cash holdings is greater during recession.

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