The results for foreign cash tell a different story. The foreign cash to asset ratio rises by 77% or 5.2 percentage points from 6.8% to 12.0%, while the total foreign cash of MNCS (in dollars) rises by 440% in Figure 2. As with domestic cash, we recalculated Figure 2 and the regression using a balanced sample. In the balanced sample, total foreign cash rises by 580% (versus 440% in the full sample) and the cash to asset ratios rises by 5.4 percentage points (versus 5.2 percentage points in the full sample). Thus, the rise in foreign cash comes from a slight increase in the number of MNCs (8 percent), an increase in firm size, but also a significant increase in the