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Stock liquidity and corporate cash holdings
Nyborg, Kjell G.; Wang, Zexi - 2013
We advance the feedback/cash as ammunition hypothesis, namely that firms hold cash to address feedback from stock prices to cash ows and growth opportunities. Firms with more liquid stocks are expected to hold more cash, the opposite of the prediction from a standard information asymmetry...
Persistent link: https://www.econbiz.de/10010256421
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Stock Liquidity and the Complementarity between External Financing and Cash Holdings
Im, Hyun Joong - 2020
holdings by expanding investment opportunities …
Persistent link: https://www.econbiz.de/10012833045
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Corporate cash holdings : stock liquidity and the repurchase motive
Nyborg, Kjell G.; Wang, Zexi - 2019
We show that enhanced stock liquidity increases a firm’s propensity to hold cash using tick-size decimalization for identification. Our finding is surprising in light of the view that improved stock liquidity reduces financial constraints. As an explanation, we propose that there is a...
Persistent link: https://www.econbiz.de/10012051977
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Equity Market Misvaluation, Financing, and Investment
Warusawitharana, Missaka - 2014
We estimate a dynamic investment model in which firms finance with equity, cash, or debt. Misvaluation affects equity … activities come from investment, dividends, or net cash. The model fits a broad set of data moments in large heterogeneous … than investment. The investment responses are strongest for small firms but nonetheless modest. Managers' rational …
Persistent link: https://www.econbiz.de/10013065520
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Cash flow and financial distress of private listed enterprises on the Vietnam stock market : a quantile regression approach
Thuy Duong Phan; Thi Thanh Hoang; Ngoc Mai Tran - In: Cogent business & management 9 (2022) 1, pp. 1-13
The study evaluates the influence of cash flow on the financial distress of private listed enterprises on the Vietnamese stock market from 2010 to 2020. We use the data collected from the financial statements of 263 private non-financial enterprises listed on the Ho Chi Minh and Hanoi stock...
Persistent link: https://www.econbiz.de/10014436294
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Credit Default Swaps, the Leverage Effect, and Cross-Sectional Predictability of Equity and Firm Asset Volatility
Forte, Santiago - 2020
We investigate the informational content of credit default swap (CDS) spreads for future volatility of (firm) assets … and equity. In the cross-section, CDS spreads are significantly more informative about future asset than equity volatility … fundamental difference in the cross-sectional predictability of asset and equity volatility. This difference lies in the leverage …
Persistent link: https://www.econbiz.de/10012848868
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Forecasting Debt Paydown Among Leveraged Equities : Analysis of US Stocks from 1964-2012
Chingono, Brian - 2016
debt paydown probability. When the 10th decile is combined with a value investment strategy to focus on cheap leveraged …
Persistent link: https://www.econbiz.de/10012992854
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Oil price uncertainty and cash holdings : evidence from China
Zhang, Xiang; Zhang, Zongyi; Zhou, Han - In: Energy economics 87 (2020), pp. 1-10
Persistent link: https://www.econbiz.de/10012512483
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Long run returns predictability and volatility with moving averages
Chang, Chia-Lin; Ilomäki, Jukka; Laurila, Hannu; … - In: Risks : open access journal 6 (2018) 4, pp. 1-18
This paper examines how the size of the rolling window, and the frequency used in moving average (MA) trading strategies, affects financial performance when risk is measured. We use the MA rule for market timing, that is, for when to buy stocks and when to shift to the risk-free rate. The...
Persistent link: https://www.econbiz.de/10011906234
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Does Decomposing Realized Volatility Help in Risk Prediction : Evidence from Chinese Mainland Stocks
Liao, Yin - 2011
This article studies the risk forecasting properties of three realized volatility models for three Chinese individual … and account for a larger proportion in realized volatility. Further, I compare the Value-at-risk (VaR) forecasting … performances of three commonly used realized volatility models for the three Chinese stocks. Two-step VaR backtesting shows that a …
Persistent link: https://www.econbiz.de/10013131542