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Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

Acharya, Viral V. - 2005

financial policies such as cash and debt management. It suggests that cash should not be viewed as negative debt …

Persistent link: https://www.econbiz.de/10012467291

Horioka, Charles Y. - 2013

In this paper, we analyze the determinants of corporate saving in the form of changes in the stock of cash for 11 Asian economies using firm-level data from the Oriana Database for the 2002-2011 period. We find some evidence that cash flow has a positive impact on the change in the stock of...

Persistent link: https://www.econbiz.de/10012458974

Leverage and Cash Dynamics

DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - National Bureau of Economic Research - 2021

This paper documents new and empirically important interactions between cash-balance and leverage dynamics. Cash ratios typically vary widely over extended horizons, with dynamics remarkably similar to (and complementary with) those of capital structure. Leverage and cash dynamics interact...

Persistent link: https://www.econbiz.de/10012585454

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

A Bid Strategy for Earlier Payment : Evidence and Implications of Front-End Loading in Procurement

Marion, Justin; Rosa, Benjamin - National Bureau of Economic Research - 2025

Liquidity management is key in industries with variable cash flows. We study how businesses in the highway construction …

Persistent link: https://www.econbiz.de/10015361482

Business Practices in Small Firms in Developing Countries

McKenzie, David - 2015

Management has a large effect on the productivity of large firms. But does management matter in micro and small firms … in marketing, stock-keeping, record-keeping, and financial planning. These questions have been administered in surveys in …

Persistent link: https://www.econbiz.de/10012457163

Measuring and Explaining Management Practices Across Firms and Countries

Bloom, Nick - 2006

We use an innovative survey tool to collect management practice data from 732 medium sized manufacturing firms in the …-level productivity, profitability, Tobin's Q, sales growth and survival rates. Management practices also display significant cross … tail of extremely badly managed firms. We find that poor management practices are more prevalent when (a) product market …

Persistent link: https://www.econbiz.de/10012466452

Consumption Strikes Back? : Measuring Long-Run Risk

Hansen, Lars Peter - 2005

We characterize and measure a long-run risk return tradeoff for the valuation of financial cash flows that are exposed to fluctuations in macroeconomic growth. This tradeoff features components of financial cash flows that are only realized far into the future but are still reflected in current...

Persistent link: https://www.econbiz.de/10012467203

Growth or Glamour? Fundamentals and Systematic Risk in Stock Returns

Campbell, John Y. - 2005

The cash flows of growth stocks are particularly sensitive to temporary movements in aggregate stock prices (driven by movements in the equity risk premium), while the cash flows of value stocks are particularly sensitive to permanent movements in aggregate stock prices (driven by market-wide...

Persistent link: https://www.econbiz.de/10012467293

Explaining Returns with Cash-Flow Proxies

Hecht, Peter - 2005

Stock returns are correlated with contemporaneous earnings growth, dividend growth, future real activity, and other cash-flow proxies. The correlation between cash-flow proxies and stock returns may arise from association of cash-flow proxies with one-period expected returns, cash-flow news,...

Persistent link: https://www.econbiz.de/10012467516