Average cash holdings (%).

I compare the contemporaneous cash holdings (%), as reported by the CRSP Mutual Fund database, of closed funds to those of open funds in the same “Morningstar Category” (same style) and size quintile. The cash holdings include all money market instruments with maturities of one year or less. The table shows the average values and the average differences. The first column contains the average cash holding of funds that are open and will close next month and that of comparable funds that are open and will remain open next month. The second column contains the average cash holding of funds that are currently closed and the average cash holding of the comparable funds that are currently open. The t-stats are reported in parentheses.