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Firm cash holdings and CEO inside debt
Liu, Yixin; Mauer, David C.; Zhang, Yilei - In: Journal of banking & finance 42 (2014), pp. 83-100
Persistent link: https://www.econbiz.de/10010408422
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Cash holdings, corporate governance, and acquirer returns
Ahn, Seoungpil; Chung, Jaiho - In: Financial Innovation 1 (2015) 13, pp. 1-31
competition is weak and public pension fund ownership is low as well. By contrast, when industry competition is intense and …/or public pension fund ownership is high, ATPs do not hurt bidder returns. Conclusions: The complementarity among ATPs, excess … cash, industry competition, and public pension fund ownership suggests that ATPs per se do not necessarily result in value …
Persistent link: https://www.econbiz.de/10011808201
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Cash holdings, corporate governance, and acquirer returns
Ahn, Seoungpil; Chung, Jaiho - In: Financial innovation : FIN 1 (2015) 13, pp. 1-31
competition is weak and public pension fund ownership is low as well. By contrast, when industry competition is intense and …/or public pension fund ownership is high, ATPs do not hurt bidder returns. Conclusions: The complementarity among ATPs, excess … cash, industry competition, and public pension fund ownership suggests that ATPs per se do not necessarily result in value …
Persistent link: https://www.econbiz.de/10011541234
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Tournament-Based Incentives, Corporate Cash Holdings, and the Value of Cash
Phan, Hieu V. - 2017
This research examines the relationships between tournament-based incentives and corporate cash holdings and the value of cash. We find robust evidence that tournament-based incentives are positively related to cash holdings and the value of cash. Moreover, the effect of tournament-based...
Persistent link: https://www.econbiz.de/10012958211
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Why Has the Value of Cash Increased Over Time?
Bates, Thomas W. - 2018
The value of corporate cash holdings has increased significantly in recent decades. On average, one dollar of cash is valued at $0.61 in the 1980s, $1.04 in the 1990s, and $1.12 in the 2000s. This increase is predominantly driven by the investment opportunity set and cash-flow volatility, as...
Persistent link: https://www.econbiz.de/10012940334
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Myth or reality? : unveiling the effectiveness of hierarchical CEO succession on firm performance and cash holdings
Sarfraz, Muddassar; He, Bin; Shah, Syed Ghulam Meran; … - In: Journal of business economics and management 22 (2021) 4, pp. 1008-1025
The objective of the study is to contemplate the effectiveness of hierarchical CEO succession and hierarchical CEO succession intensity on SOEs & Non-SOEs performance separately. Meanwhile, the impact of hierarchical CEO succession on cash holdings has also been analysed. The authenticated data...
Persistent link: https://www.econbiz.de/10013256439
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Modeling Managers As EPS Maximizers
Ben-David, Itzhak; Chinco, Alex - 2023
Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, the people running large public corporations say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take...
Persistent link: https://www.econbiz.de/10014351328
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Do cash stockpiles fuel cash acquisitions?
Pinkowitz, Lee; Sturgess, Jason; Williamson, Rohan - In: Journal of Corporate Finance 23 (2013) C, pp. 128-149
U.S. firms currently hold a $2trillion cash stockpile. We examine if cash stockpiles fuel cash acquisitions by studying the method of payment decision for cash-rich firms. Surprisingly, cash-rich firms are 23% less likely to make cash bids than stock bids, relative to firms that are not cash...
Persistent link: https://www.econbiz.de/10010719623
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An Exploratory Analysis of Cash Holdings and Pay-Performance Sensitivity before and after IFRS Adoption
Wu, Ming-Cheng; Chen, Yu-Ju; Shih, Bi-Ying - In: International Journal of Economic Sciences 2014 (2014) 3, pp. 86-102
This paper documents an association between firms’ cash holdings and CEO’s pay performance sensitivity. Controlling whether CEOs are both president, firm size, leverage, auditor specialization and the ratio of independent board, we find that firms with more cash holdings are more likely to...
Persistent link: https://www.econbiz.de/10011195074
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Pay Me Later: Inside Debt and Its Role in Managerial Compensation
Sundaram, Rangarajan K.; Yermack, David - Institute for Financial Research (SIFR) - 2006
initiates this line of research by studying CEO pension arrangements in a sample of 237 large capitalization firms. Among our … the balance shifting systematically away from equity and toward debt as CEOs growolder; that annual increases in pension … CEOs with high debt-based incentives manage their firms conservatively to reduce default risk; and that pension plan …
Persistent link: https://www.econbiz.de/10005651582