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Financial flexibility and the performance during the recent financial crisis
Meier, Iwan; Bozec, Yves; Laurin, Claude - In: International journal of commerce and management 23 (2013) 2, pp. 79-96
Persistent link: https://www.econbiz.de/10009773831
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Corporate liquidity management : a conceptual framework and survey
Almeida, Heitor; Campello, Murillo; Cunha, Igor; … - 2013
Ensuring that a firm has sufficient liquidity to finance valuable projects that occur in the future is at the heart of the practice of financial management. Yet, while discussion of these issues goes back at least to Keynes (1936), a substantial literature on the ways in which firms manage...
Persistent link: https://www.econbiz.de/10010227725
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Business Investment, Cash Holding and Uncertainty Since the Great Financial Crisis
Smietanka, Pawel - 2019
The Lehman Brothers event in 2008 created a large uncertainty shock that triggered an economic slowdown lasting a decade. The macroeconomic effects are well documented, but the effect on business decisions much less so. In this paper, we explore corporate data to investigate how economic...
Persistent link: https://www.econbiz.de/10012898321
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The Role of Cash Holdings in Reducing Investment-Cash Flow Sensitivity : Evidence from a Financial Crisis Period in an Emerging Market
Florackis, Chris - 2011
This paper investigates the relationship between financing constraints and investment cash flow sensitivities by focusing on cash holdings as the basic classification scheme to separate firms into finacially constrained and unconstrained categories. The idea is that high cash reserves increase...
Persistent link: https://www.econbiz.de/10013123962
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Economic policy uncertainty, value of cash and financial crisis
Quoc Trung Tran - In: European journal of management and business economics : … 32 (2023) 1, pp. 24-46
Purpose This paper investigates the effect of economic policy uncertainty on value of cash before and after the global financial crisis. Design/methodology/approach We investigate the relationship between economic policy uncertainty and value of excess cash based on the valuation model of Fama...
Persistent link: https://www.econbiz.de/10014318752
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Do Independent Directors Improve Firm Value? Evidence from the Great Recession
Jenwittayaroje, Nattawut - 2017
The literature offers no clear evidence on the effect of independent directors on firm value. We argue that, during stressful times, firms may need more and better expert advice to navigate a crisis. Outside independent directors can provide such advice. So, the role of independent directors may...
Persistent link: https://www.econbiz.de/10012945479
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Are Excess Cash Holdings More Valuable to Firms in Times of Crisis? Financial Constraints and Governance Matter
Chang, Yanhao - 2014
This study examines the impact of cash holdings on firm value before and during the 2008 financial crisis. In answering this question, our analysis assesses the conditioning effect of financial constraints and corporate governance. In our core finding we show that the equity market places a...
Persistent link: https://www.econbiz.de/10013058798
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How valuable is financial flexibility when revenue stops? : evidence from the COVID-19 crisis
Fahlenbrach, Rüdiger; Rageth, Kevin; Stulz, René M. - 2020 - Revised May 17, 2020
Firms with greater financial flexibility should be better able to fund a revenue shortfall resulting from the COVID-19 … shock and benefit less from policy responses. We find that firms with high financial flexibility within an industry … experience a stock price drop lower by 26% or 9.7 percentage points than those with low financial flexibility. This differential …
Persistent link: https://www.econbiz.de/10012216704
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Multinationals and the high cash holdings puzzle
Pinkowitz, Lee; Stulz, René M.; Williamson, Rohan - 2012
Defining as normal cash holdings the holdings a firm with the same characteristics would have had in the late 1990s, we find that the abnormal cash holdings of U.S. firms after the crisis represent on average 1.86% of assets. While U.S. firms held less cash than comparable foreign firms in the...
Persistent link: https://www.econbiz.de/10009625924
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Cash holdings of German open-end equity funds : does ownership matter?
Dötz, Niko; Weth, Mark - 2013
In the light of the recent financial crisis, the discussion on the nature of runs and on the stabilizing role of liquidity holdings has intensified. This paper explores the cash management conducted by German open-end equity funds for the period between 2005 and 2010. Since ownership structures...
Persistent link: https://www.econbiz.de/10010202775