This paper examines the cash management practices of firms during the period of increased FDIC insurance on noninterest-bearing accounts. While the Transaction Account Guarantee Program and Dodd–Frank Act were intended to help banks by preventing deposit withdrawals, they also seem to have contributed to a change in cash management practices given that cash increased at public firms during this time as well. In addition, the increase seems to be driven by financially unconstrained firms, firms not at risk of default, firms with an investment grade bond rating, and firms with low cash flow variation. An analysis of aggregate data shows that a similar increase was not observed for private firms.

中文翻译：

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无限的 FDIC 保险和对企业现金的影响

本文研究了在非生息账户上增加 FDIC 保险期间公司的现金管理实践。虽然交易账户担保计划和多德-弗兰克法案旨在通过防止存款提取来帮助银行，但鉴于这段时间上市公司的现金也在增加，它们似乎也促成了现金管理实践的变化。此外，这种增长似乎是由财务不受约束的公司、没有违约风险的公司、具有投资级债券评级的公司以及现金流变化较小的公司推动的。对汇总数据的分析表明，私营公司没有观察到类似的增长。