"Behind Those Stockpiles of Corporate Cash" from Sunday's N.Y. Times reviews an NBER economics paper, "Why Do Firms Hold So Much More Cash Than They Used To?". The study argues that the dramatic rise in U.S. corporate cash from 1980 to 2004 (from 10.5 to 24% of assets), is due to increased risk overall and not to foreign income or large cash hordes like Microsoft and Exxon Mobil's.

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