The researchers studied how companies in Australia manage their cash and how it affects shareholder value. They found that firms with too much cash tend to earn lower returns, especially if they hold onto the cash for a long time. Companies that keep excess cash for a short period tend to do better. This suggests that the market doesn't like it when companies hoard cash. The more cash a company has, the less valuable it becomes to shareholders. This is because holding onto excess cash can lead to higher costs for the company.