Corporate Cash Management, Excess Cash, and Acquisitions

Online-Ressource (148 p)

Description based upon print version of record

Cover; Title Page; Copyright Page; Table of Contents; List of Tables; List of Figures; Preface; Acknowledgments; Abstract; Chapter 1: Corporate Cash Management; 1. Introduction; 1.1. Background and Motivation; 1.2. Literature Review; 1.2.1 Actual Cash Holding; 1.2.2 Cash Management; 2. Cash Management Model; 2.1. Background; 2.2. The Costs to Holding Cash; 2.3. Benefits to Holding Cash; 2.4. The Model; 3. The Cash Management Problem; 3.1. Discussion of Empirical Predictions; 3.1.1 Time-Series Predictions; 3.1.2 Cross-Sectional Predictions; 3.2. Hypotheses; 3.3. Empirical Implementation

3.3.1 Data3.3.2 Tests; 3.3.3 Results; 4. Conclusions; Chapter 2: Corporate Cash Reserves and Acquisitions; 1. Introduction; 2. Hypothesis Development; 2.1. Theory: Free cash flow and Optimal Saving; 2.2. Predictions: Free cash flow vs. Optimal Saving; 2.2.1 Corporate Control Events; 2.2.2 Degree of Agency Conflict; 2.2.3 Cash Shocks; 3. Data; 4. Extreme Cash Reserves; 5. Cash reserves and Corporate Control; 5.1. Aggregate Evidence; 5.2. Probit Analysis of Bidders and Targets; 5.2.1 The Probit Model and Definitions of Variables used in the Analysis; 5.2.2 Probit Results

5.3. Announcement Returns for Bidders5.3.1 Methodology for Predicting Bidders; 5.3.2 Announcement Return Results; 5.4. Discussion; 5.5. Operating Performance Before and After the Merger; 5.6. Evidence from Divestitures; 5.6.1 Methodology; 5.6.2 Results; 5.7. Stock-returns During a Cash Build-up; 5.7.1 Experimental Design; 5.7.2 Results; 6. Conclusions; References; Appendix; A1. Target Run-up and Speed of Execution; A2. Details of the Transactions; A3. Auctions; A4. Success; A5. The Maximum Premium; Index

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