Investor protection and cash holdings: Evidence from US cross-listing

► We study the link between cash holdings and the level of investor protection. ► We examine periods before and after the emerging market crises of late 1990s. ► Cross-listed firms, with greater investor protection, hold more cash. ► The importance of investor protection increased after the emerging market crises. ► Firms cross-listed in the US hold more cash due to higher valuation of cash.