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Why Do U.S. Firms Hold So Much More Cash Than They Used To?

Bates, Thomas W. - 2006

The average cash to assets ratio for U.S. industrial firms increases by 129% from 1980 to 2004. Because of this increase in the average cash ratio, American firms at the end of the sample period can pay back their debt obligations with their cash holdings, so that the average firm has no...

Persistent link: https://www.econbiz.de/10012466129

Corporate Focusing and Internal Capital Markets

Schlingemann, Frederik P. - 1999

A sample of firms that focus by divesting at least one segment allows us to investigate the characteristics of segments divested as well as the nature of focusing firms. We find that firms are more likely to divest segments unrelated to the core activities of the firm and that the probability...

Persistent link: https://www.econbiz.de/10012471612

Search for Yield in Large International Corporate Bonds : Investor Behavior and Firm Responses

Calomiris, Charles W. - 2019

Emerging market corporations have significantly increased their borrowing in international markets since 2008. We show that this increase was driven by large-denomination bond issuances, most of them with face value of exactly US$500 million. Large issuances are eligible for inclusion in...

Persistent link: https://www.econbiz.de/10012479928

Financing the American Corporation : The Changing Menu of Financial Rela-tionships

Calomiris, Charles W. - 1996

history that underlies various measures of historical change in corporate finance is the range of feasible relationships … over time. That changing menu has been the driving force behind the history of American corporate finance. Changes in … American corporate finance history, which is traceable to regulatory distortions that limited particular kinds of relationships …

Persistent link: https://www.econbiz.de/10012473415

How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues

Kang, Jun-Koo - 1994

This paper studies the shareholder wealth effects associated with 875 new security issues in Japan from January 1, 1985 to May 31, 1991. The sample includes public equity, private equity, rights offerings, straight debt, warrant debt and convertible debt issues. Contrary to the U.S., the...

Persistent link: https://www.econbiz.de/10012473999

Commercial Paper, Corporate Finance, and the Business Cycle : A Microeconomic Perspective

Calomiris, Charles W. - 1994

finance inventory accumulation during downturns. Second, they also can use commercial paper to finance countercyclical …

Persistent link: https://www.econbiz.de/10012474063

Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion

Lang, Larry - 1994

We argue that management sells assets when doing so provides the cheapest funds to pursue its objectives rather than for operating efficiency reasons alone. This hypothesis suggests that (1) firms selling assets have high leverage and/or poor performance, (2) a successful asset sale is good news...

Persistent link: https://www.econbiz.de/10012474282

Capital Inflows, Equity Issuance Activity, and Corporate Investment

Calomiris, Charles W. - 2018

We use issuance-level data to study how equity capital inflows that enter emerging market economies affect equity issuance and corporate investment. We show that foreign inflows are strongly correlated with country-level issuance. The relation reflects the behavior of large issuers issuing in...

Persistent link: https://www.econbiz.de/10012453281