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has been cited by the following article:

• TITLE: The Impact of Predation Risk on the Marginal Value of Cash Holdings: An Empirical Perspective

  AUTHORS: Xinbao Yang, Jiguang Zheng

  KEYWORDS: Predation Risk, Stock Excess Returns, Marginal Value, Cash Holdings

  JOURNAL NAME: Journal of Financial Risk Management, Vol.6 No.2, June 19, 2017

  ABSTRACT: As an important external governance mechanism, product market competition has considerable impact on the marginal value of a company’s cash holdings in various aspects. This paper examines the impact of predatory risk on the marginal value of cash holdings in product market by sampling Chinese A-share listed companies from 2000 to 2013. It shows that the predation risk in the product market increases the marginal value of cash holdings by 0.2 Yuan.