By Brian Bremner The tremors emanating from the blowout in the U.S. housing sector and subprime mortgage market have been felt keenly in worldwide stock markets this summer. And it's likely the easy credit era of the past few years that has fueled corporate mergers and investment will be reined in for some time to come. However, big listed Asian companies may well ride out the market melodrama, thanks to strengthened balance sheets, sharper management, and fat cash positions, according to a new study by Lehman Brothers. Debt levels have fallen dramatically among Asian companies over the past decade, according to a July 16 analysis by Lehman. Asian companies outside of Japan are sitting on cash stockpiles of roughly $350 billion, while retained earnings are hovering at about $423 billion in the latest fiscal-year earnings of 615 listed companies, excluding Japan. Here's a list of 15 Asian companies ranked by cash holdings.
