Economics and Finance Faculty Publications and Presentations

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I find that firms led by female top executives hold more cash, partly due to precautionary motives. To overcome endogeneity concerns, I employ several econometric techniques, including an instrumental variable analysis based on a historical event that resulted in a plausibly exogenous variation in the female workforce participation. Overall, my results are consistent with the view that greater risk-aversion leads female executives to hold more cash.


© 2017 Informa UK Limited. Original published version available at

Publication Title

Applied Economics Letters



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Finance Commons



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