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A Replication Study of “Why Do Cities Hoard Cash?†(The Accounting Review 2009)

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  • Michael L. Hand
  • Kawika Pierson
  • Fred Thompson

Abstract

Gore’s article explores the determinants and implications of cash reserves. Here, we replicate Gore’s finding of a positive relationship between environmental uncertainty and municipal fund balances using the same data, the same specifications, and the same econometric software. We also test the robustness of her original findings by adding years and observations. We show that the empirical results reported in Gore’s article are largely replicable and that its results are robust to substantial data extensions. Nevertheless, we believe that Gore reaches normative conclusions that municipalities hold “excess cash reserves,†which are not justified by her empirical results.

Suggested Citation

  • Michael L. Hand & Kawika Pierson & Fred Thompson, 2016. "A Replication Study of “Why Do Cities Hoard Cash?†(The Accounting Review 2009)," Public Finance Review, , vol. 44(5), pages 681-687, September.
    • Handle: RePEc:sae:pubfin:v:44:y:2016:i:5:p:681-687
    DOI: 10.1177/1091142115580130
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    References listed on IDEAS

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    1. Kenneth J. Meier & Laurence J. O'Toole, 2002. "Public management and organizational performance: The effect of managerial quality," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 21(4), pages 629-643.
    2. Andres Ramirez, 2011. "Nonprofit Cash Holdings," Public Finance Review, , vol. 39(5), pages 653-681, September.
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    More about this item

    Keywords

    reserves; volatility; replication;
    All these keywords.

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    This item is featured on the following reading lists, Wikipedia, or ReplicationWiki pages:
    1. A Replication Study of “Why Do Cities Hoard Cash?” (The Accounting Review 2009) (PFR 2016) in ReplicationWiki

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