Literature / Evidence on Cash Hoarding of Firms I have received anecdotal evidence (heard stories) about many firms hoarding cash (liquid assets) post 2008 and not spending it despite availability of many projects with positive NPV. However, when I tried to find some research / data on this matter, I couldn't dig out too much. 

I know that one can use compustat to get a grasp on liquid assets that firms have. Is there any other data on this matter? What papers would be starting points to read up on the related literature?
I know very little about this, but check out Jake Zhao's work. He's an AP at Stony Brook.

From the abstract,


  My model finds that 63% of the increase in corporate
  cash holdings can be accounted for by the increase in cash flow volatility.
  The increase in cash flow volatility observed in the data arises from a
  decrease in the correlation between revenue and operating expenses.


Accounting for the Corporate Cash Increase.

I imagine the references he includes will also be useful.

Edit: He uses compustat data.