Narrow search
Showing 1 - 10 of 2,297
Cover Image
Firms as liquidity providers: Evidence from the 2007–2008 financial crisis
Garcia-Appendini, Emilia; Montoriol-Garriga, Judit - In: Journal of Financial Economics 109 (2013) 1, pp. 272-291
Using a supplier–client matched sample, we study the effect of the 2007–2008 financial crisis on between-firm liquidity … provision. Consistent with a causal effect of a negative shock to bank credit, we find that firms with high precrisis liquidity … consistent with firms providing liquidity insurance to their clients when bank credit is scarce and offer an important …
Persistent link: https://www.econbiz.de/10010665557
Cover Image
Government Deficits and Corporate Liquidity
Chen, Naiwei; Yo, Siting - In: Asian Economic and Financial Review 2 (2012) 1, pp. 59-75
This study examines the relationship between government deficit and corporate liquidity (cash holdings). Using data of … nonfinancial firms in Taiwan from 1981 to 2009, this study finds that corporate liquidity is lower when government deficit is … higher. In addition, corporate liquidity is related with other macroeconomic conditions, such as inflation, short …
Persistent link: https://www.econbiz.de/10009654269
Cover Image
Financial Crisis and Corporate Liquidity: Implications for Emerging Markets
Chen, Naiwei; Chang, Meiya - In: Asia-Pacific Financial Markets 20 (2013) 1, pp. 1-30
The present study investigates corporate liquidity (cash holdings) in emerging markets from 1990 to 2006. During the …
Persistent link: https://www.econbiz.de/10010866382
Cover Image
Decreasing negative the delivery risk influence on the recepient's firm value: Portfolio approach
Michalski, Grzegorz - Volkswirtschaftliche Fakultät, … - 2008
delivery risk generated by the suppliers. The present article offers a method that uses portfolio management theory to chose …
Persistent link: https://www.econbiz.de/10005835660
Cover Image
Corporate Cash Savings: Precaution versus Liquidity
Boileau, Martin; Moyen, Nathalie - Centre Interuniversitaire sur le Risque, les Politiques … - 2009
be prudent about their future prospects. The second mechanism is linked to the liquidity motive requiring firms to meet … their current liquidity needs. We find that the mechanism embedded in the liquidity motive best explains how the increased …
Persistent link: https://www.econbiz.de/10008495565
Cover Image
Corporate Liquidity
Dittmar, Amy; Mahrt-Smith, Jan; Servaes, Henri - C.E.P.R. Discussion Papers - 2002
Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 … that generally drive the need for liquidity, such as investment opportunities and asymmetric information, actually become …
Persistent link: https://www.econbiz.de/10005498063
Cover Image
Financial constraints and share repurchases
Chen, Sheng-Syan; Wang, Yanzhi - In: Journal of Financial Economics 105 (2012) 2, pp. 311-331
We examine how the financial constraints of repurchasing firms affect their post-buyback performance. By every constraint measure we use, a set of constrained firms repurchase. They display significantly poorer post-buyback abnormal return and operating performance than unconstrained firms....
Persistent link: https://www.econbiz.de/10010617608
Cover Image
Cross-country analysis of secular cash trends
Iskandar-Datta, Mai E.; Jia, Yonghong - In: Journal of Banking & Finance 36 (2012) 3, pp. 898-912
This study documents a pronounced secular upward trend in cash holdings which is almost systemic across seven industrialized countries over 1991–2008, with France exhibiting a modest rise and Japan a substantial decline. However, the driving forces underlying the cash pattern are not uniform...
Persistent link: https://www.econbiz.de/10010577977
Cover Image
Corporate liquidity and the contingent nature of bank credit lines: Evidence on the costs and consequences of bank default
May, Anthony D. - In: Journal of Corporate Finance 29 (2014) C, pp. 410-429
I study the impact of Lehman Brothers' bankruptcy and resultant inability to honor its obligations as a lender under committed credit lines. Firms that lost access to a credit line committed by Lehman Brothers experienced abnormal stock returns of −3%, on average, on the day of and day after...
Persistent link: https://www.econbiz.de/10011117523
Cover Image
INVENTORY AND RISK MANAGEMENT: DECREASING DELIVERY RISK OF PURCHASERS
MICHALSKI, Grzegorz - In: Romanian Journal of Economics 27 (2008) 2(36), pp. 95-103
delivery risk generated by the suppliers. The present article offers a method that uses portfolio management theory to choose …
Persistent link: https://www.econbiz.de/10005627285