{"id":"https://openalex.org/W4391751959","doi":"https://doi.org/10.1016/j.jbankfin.2024.107112","title":"Cash holdings in pension funds","display_name":"Cash holdings in pension funds","publication_year":2024,"publication_date":"2024-02-12","ids":{"openalex":"https://openalex.org/W4391751959","doi":"https://doi.org/10.1016/j.jbankfin.2024.107112"},"language":"en","primary_location":{"id":"doi:10.1016/j.jbankfin.2024.107112","doi":"https://doi.org/10.1016/j.jbankfin.2024.107112","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jbankfin.2024.107112","pdf_url":null,"source":{"id":"https://openalex.org/S2876017","display_name":"Journal of Banking & Finance","issn_l":"0378-4266","issn":["0378-4266","1872-6372"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Banking & Finance","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.1016/j.jbankfin.2024.107112","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5047019106","display_name":"Sidita Hasa","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I57825437","display_name":"University of Neuch\u00e2tel","ror":"https://ror.org/00vasag41","country_code":"CH","type":"education","lineage":["https://openalex.org/I57825437"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Sidita Hasa","raw_affiliation_strings":["Institute of Financial Analysis, University of Neuchatel, 2000, Neuchatel, Switzerland"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Institute of Financial Analysis, University of Neuchatel, 2000, Neuchatel, Switzerland","institution_ids":["https://openalex.org/I57825437"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5054728113","display_name":"Carolina Salva","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I57825437","display_name":"University of Neuch\u00e2tel","ror":"https://ror.org/00vasag41","country_code":"CH","type":"education","lineage":["https://openalex.org/I57825437"]}],"countries":["CH"],"is_corresponding":true,"raw_author_name":"Carolina Salva","raw_affiliation_strings":["Institute of Financial Analysis, University of Neuchatel, 2000, Neuchatel, Switzerland"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Institute of Financial Analysis, University of Neuchatel, 2000, Neuchatel, Switzerland","institution_ids":["https://openalex.org/I57825437"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5054728113"],"corresponding_institution_ids":["https://openalex.org/I57825437"],"apc_list":{"value":3240,"currency":"USD","value_usd":3240},"apc_paid":{"value":3240,"currency":"USD","value_usd":3240},"fwci":2.5301,"has_fulltext":false,"cited_by_count":10,"citation_normalized_percentile":{"value":0.88780512,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"161","issue":null,"first_page":"107112","last_page":"107112"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.67330002784729,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.67330002784729,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.2061000019311905,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.09480000287294388,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/corporate-cash-holdings","display_name":"cash holdings","score":0.8009999990463257},{"id":"https://openalex.org/keywords/pension-funds","display_name":"pension funds","score":0.9959999918937683},{"id":"https://openalex.org/keywords/excess-cash-holdings","display_name":"excess cash","score":0.8500000238418579},{"id":"https://openalex.org/keywords/investment-returns","display_name":"investment returns","score":0.597000002861023},{"id":"https://openalex.org/keywords/swiss-pension-funds","display_name":"Swiss pension funds","score":0.7580000162124634}],"concepts":[{"id":"https://openalex.org/C184454666","wikidata":"https://www.wikidata.org/wiki/Q140830","display_name":"Cash and cash equivalents","level":4,"score":0.6953670978546143},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.6524719595909119},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6087303161621094},{"id":"https://openalex.org/C207972119","wikidata":"https://www.wikidata.org/wiki/Q5048703","display_name":"Cash on cash return","level":5,"score":0.5838372111320496},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.5124674439430237},{"id":"https://openalex.org/C97366136","wikidata":"https://www.wikidata.org/wiki/Q460184","display_name":"Cash flow statement","level":3,"score":0.5095901489257812},{"id":"https://openalex.org/C166819830","wikidata":"https://www.wikidata.org/wiki/Q2025903","display_name":"Operating cash flow","level":3,"score":0.5054614543914795},{"id":"https://openalex.org/C76087492","wikidata":"https://www.wikidata.org/wiki/Q1047352","display_name":"Cash management","level":3,"score":0.48982736468315125},{"id":"https://openalex.org/C128044525","wikidata":"https://www.wikidata.org/wiki/Q1682806","display_name":"Cash flow forecasting","level":3,"score":0.4758434295654297},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.47540149092674255},{"id":"https://openalex.org/C2780899237","wikidata":"https://www.wikidata.org/wiki/Q156223","display_name":"Pension","level":2,"score":0.4248763620853424},{"id":"https://openalex.org/C2780695315","wikidata":"https://www.wikidata.org/wiki/Q3799040","display_name":"Unobservable","level":2,"score":0.41546639800071716},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.35246098041534424},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.279979944229126},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.11530739068984985}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1016/j.jbankfin.2024.107112","doi":"https://doi.org/10.1016/j.jbankfin.2024.107112","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jbankfin.2024.107112","pdf_url":null,"source":{"id":"https://openalex.org/S2876017","display_name":"Journal of Banking & Finance","issn_l":"0378-4266","issn":["0378-4266","1872-6372"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Banking & Finance","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.4620453","doi":"https://doi.org/10.2139/ssrn.4620453","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.4620453","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:RePEc:eee:jbfina:v:161:y:2024:i:c:s0378426624000323","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/S0378426624000323","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.1016/j.jbankfin.2024.107112","doi":"https://doi.org/10.1016/j.jbankfin.2024.107112","is_oa":true,"landing_page_url":"https://doi.org/10.1016/j.jbankfin.2024.107112","pdf_url":null,"source":{"id":"https://openalex.org/S2876017","display_name":"Journal of Banking & Finance","issn_l":"0378-4266","issn":["0378-4266","1872-6372"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Banking & Finance","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320320924","display_name":"Schweizerischer Nationalfonds zur F\u00f6rderung der Wissenschaftlichen Forschung","ror":"https://ror.org/00yjd3n13"}],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":36,"referenced_works":["https://openalex.org/W1965030498","https://openalex.org/W1965711838","https://openalex.org/W1999719461","https://openalex.org/W2018975547","https://openalex.org/W2069430309","https://openalex.org/W2094038187","https://openalex.org/W2098232553","https://openalex.org/W2104690432","https://openalex.org/W2107421083","https://openalex.org/W2112086373","https://openalex.org/W2146891788","https://openalex.org/W2162225546","https://openalex.org/W2162980535","https://openalex.org/W2167131376","https://openalex.org/W2167627464","https://openalex.org/W2291688673","https://openalex.org/W2735121997","https://openalex.org/W2797062887","https://openalex.org/W2890884821","https://openalex.org/W3121140277","https://openalex.org/W3121772477","https://openalex.org/W3121819860","https://openalex.org/W3121828250","https://openalex.org/W3121831272","https://openalex.org/W3122031338","https://openalex.org/W3122717699","https://openalex.org/W3123605565","https://openalex.org/W3123906439","https://openalex.org/W3124620510","https://openalex.org/W3125353045","https://openalex.org/W3215631677","https://openalex.org/W4200205914","https://openalex.org/W4225884110","https://openalex.org/W4236943759","https://openalex.org/W4247253688","https://openalex.org/W4252833847"],"related_works":["https://openalex.org/W3123675989","https://openalex.org/W2788801046","https://openalex.org/W4225884110","https://openalex.org/W2956041846","https://openalex.org/W2018975547","https://openalex.org/W2344311687","https://openalex.org/W7098621636","https://openalex.org/W4368373687","https://openalex.org/W2011414866","https://openalex.org/W4281735048"],"abstract_inverted_index":{"Using":[0],"unexplored":[1],"data":[2],"on":[3],"Swiss":[4],"pension":[5,100],"funds,":[6],"we":[7,17],"document":[8],"substantial":[9],"heterogeneity":[10],"in":[11,36,75,81],"cash":[12,37,58,68,107,121],"holdings":[13,69,108],"across":[14],"funds.":[15],"While":[16],"identify":[18],"key":[19],"operational":[20],"and":[21,59],"investments":[22],"needs":[23],"to":[24,47,94,113],"hold":[25],"cash,":[26],"they":[27],"only":[28],"explain":[29],"a":[30,82],"small":[31,103],"share":[32,41],"of":[33,42,72,92],"the":[34],"variation":[35,44],"holdings.":[38],"A":[39],"large":[40],"this":[43,79],"is":[45],"attributable":[46],"an":[48,87],"unobservable,":[49],"time-invariant,":[50],"fund-specific":[51],"factor.":[52],"The":[53],"average":[54],"fund":[55],"holds":[56],"excess":[57,76],"slowly":[60],"deploys":[61],"it":[62],"for":[63,119],"investment.":[64],"Funds":[65],"with":[66],"excessive":[67],"keep":[70],"8.4%":[71],"total":[73],"assets":[74],"cash.":[77],"Investing":[78],"surplus":[80],"representative":[83],"portfolio,":[84],"could":[85],"yield":[86],"additional":[88],"expected":[89],"annual":[90],"return":[91],"17":[93],"32":[95],"basis":[96],"points,":[97],"ultimately":[98],"benefiting":[99],"participants.":[101],"Finally,":[102],"funds":[104],"have":[105],"larger":[106],"that":[109],"are":[110],"less":[111],"responsive":[112],"specific":[114],"needs,":[115],"suggesting":[116],"greater":[117],"potential":[118],"reducing":[120],"allocations.":[122]},"counts_by_year":[{"year":2026,"cited_by_count":7},{"year":2025,"cited_by_count":2},{"year":2022,"cited_by_count":1}],"updated_date":"2026-11-09T13:22:03.289127","created_date":"2024-02-13T00:00:00"}