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Cash-hoarding ﬁrms also show a steady increase in cash from operations, from years À2 to 0, which reverses by year þ1 and is followed by a continued steady increase in cash from operations in future years. Cash hoarders show an increase in cash from ﬁnancing in year 0, although they appear to require less cash from ﬁnancing than most other ﬁrms in their industry (industry-adjusted cash from ﬁnancing in Fig. 2 never rises above 0). 3 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 Years Relative to First Identification as Cash Hoarding Fig.
12) less sales for year tÀ2, divided by sales for year tÀ2. Net income before discontinued operations and extraordinary items, as reported on the statement of cash ﬂows (no. 123) plus extraordinary items and discontinued operations (no. 124), less cash from operations (no. 308), scaled by prior year total assets (no. 6). Because cash from operations is not available for years prior to 1988, for those years, we use the balance sheet formulation of change in current assets (no. 4) less change in current liabilities no.
The advantage of using this deﬂator is that we can obtain different time-series deﬂators for each state. However, the disadvantage is that the index is general and includes all industries other than electricity industry. 10. The reason for this deﬁnition of the consolidated input is primarily due to the fact that our dataset includes ﬁrms other than electricity-specialized ﬁrms. However, it is also related to the fact that constructing a ﬁrm-level quantity data of fuel use often requires cumbersome calculations based on additional technical assumptions for each plant.