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During the COVID-19 market crash, U.S. stocks with higher institutional ownership -- in particular, those held more by active, short-term, and more exposed institutions -- performed worse. Portfolio changes through the first quarter of 2020 reveal that institutional investors prioritized...
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debt is strongly negatively correlated with corporate debt and investment, but strongly positively correlated with … strategy influences firms' capital structures and investment policies …
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and financial sectors, Chinese listed firms‘ cashhoding and investment changes as well as managements‘ sentiment before …’s optimistic sentiment hold more cash at the same time decrease their capital investment. While this effect is not significant … to be ready enter investment opportunties while managers with negative sentiment and belief about future investments will …
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a text-based measure of firm-level exposure to epidemic diseases and difference-in-difference estimation strategy, we …
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This study investigates the impact of the global financial crisis on the determinants of corporate cash holdings and adjustments towards target cash levels using a sample of Eastern European firms. Employing panel fixed effects and GMM estimations, the results reveal that firm-level determinants...
Persistent link: https://www.econbiz.de/10013334815
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
We examine how corporate cash holdings have evolved over time and how they have been valued by shareholders after the unexpected exogenous shocks caused by the COVID-19 pandemic. Consistent with the precautionary motive of cash, we find that firms reserve more cash and the marginal value of cash...
Persistent link: https://www.econbiz.de/10013405882