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Liquidity Transformation in Asset Management : Evidence from the Cash Holdings of Mutual Funds
Chernenko, Sergey - 2016
We study liquidity transformation in mutual funds using a novel data set on their cash holdings. To provide investors … with claims that are more liquid than the underlying assets, funds engage in substantial liquidity management. Specifically … underlying portfolio assets. This is particularly true for funds with illiquid assets and at times of low market liquidity. We …
Persistent link: https://www.econbiz.de/10012987135
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Curbing Shocks to Corporate Liquidity : The Role of Trade Credit
Amberg, Niklas - 2016
Using data on exogenous liquidity losses generated by the fraud and failure of a cash-in-transit firm, we demonstrate a … causal impact on firms' trade credit usage. We find that firms manage liquidity shortfalls by increasing the amount of drawn … economically important sources of reserve liquidity. The underlying mechanism in trade credit adjustments is in part due to shifts …
Persistent link: https://www.econbiz.de/10012990784
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Curbing Shocks to Corporate Liquidity : The Role of Trade Credit
Amberg, Niklas - 2016
Using data on exogenous liquidity losses generated by the fraud and failure of a cash-in-transit firm, we demonstrate a … causal impact on firms' trade credit usage. We find that firms manage liquidity shortfalls by increasing the amount of drawn … economically important sources of reserve liquidity. The underlying mechanism in trade credit adjustments is in part due to shifts …
Persistent link: https://www.econbiz.de/10012992082
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The Effect of Corporate Cash Holdings on Stock Return
Rashid, Muhammad Khalil - 2016
In this research work the effect of corporate cash holdings on stock return is analyzed in which panel data is used from Pakistani listed firms which are listed in KSE for the period 2007-2013, the firms are selected randomly having sample size of 120 which is then is divided into sixty small...
Persistent link: https://www.econbiz.de/10012994949
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The Rise and Fall of Demand for Securitizations
Chernenko, Sergey - 2014
government-guaranteed MBS to meet their liquidity needs during the crisis …
Persistent link: https://www.econbiz.de/10013039755
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Partisan Conflict, Policy Uncertainty and Aggregate Corporate Cash Holdings
Cheng, Chak Hung Jack - 2018
This paper distinguishes political uncertainty from policy uncertainty shocks and uncovers new empirical facts about how each impacts the aggregate cash holdings of US firms. Our baseline structural vector autoregression model shows that an exogenous one standard deviation shock to political and...
Persistent link: https://www.econbiz.de/10012923997
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Asset volatility and capital structure : evidence from corporate mergers
Levine, Oliver; Wu, Youchang - In: Management science : journal of the Institute for … 67 (2021) 5, pp. 2773-2798
Persistent link: https://www.econbiz.de/10012550014
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Corporate debt and cash decisions : a nonlinear panel data analysis
Chang, Bi-Juan; Hung, Mao-Wei - In: The quarterly review of economics and finance : journal … 81 (2021), pp. 15-37
Persistent link: https://www.econbiz.de/10012656189
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Curbing shocks to corporate liquidity : the role of trade credit
Amberg, Niklas; Jacobson, Tor; Schedvin, Erik von; … - In: Journal of political economy 129 (2021) 1, pp. 182-242
Persistent link: https://www.econbiz.de/10012610404
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Determinants of Corporate Cash Holdings : An Application of Robust Variable Selection Technique
Elyasiani, Elyas; movaghari, hadi - 2021
US firm cash holdings have become increasingly concentrated over time withering shareholder returns and heightening agency problems associated with free cash flows. Our use of a robust regression technique (LAD) and a state-of-the-art variable selection procedure (LASSO) to identify the...
Persistent link: https://www.econbiz.de/10013220069