Peer Influence and the Value of Cash Holdings

These data files include the raw data that we used to do empirical analyses. The dataset “ccm” includes accounting data of firms in CRSP-Compustat merged dataset from 1980 to 2017. The dataset “tnic3” includes the Text-based Network Industry Classification (TNIC) downloaded from Hoberg and Phillips Data Library. The dataset “factors_daily” includes Fama-French 3 factors and momentum factor. The datasets “msenames”, “crspmsf_from1975”, and “crspdsf_data” include various stock characteristics downloaded from CRSP. The dataset “25portfolios_vwret_month” includes the value-weighted monthly returns of 25 Fama and French portfolios formed on size and book-to-market ratio. “BM_breakpoints_NYSE” and “ME_breakpoints_NYSE” include the data of BE/ME breakpoints and ME breakpoints, respectively. The dataset “io_all” includes data related to institutional ownership. The “price_comp_frombeg” includes all the stock prices that can be downloaded from Compustat.