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Corporate cash holdings in emerging markets

Diaw, Alassane - In: Borsa Istanbul Review 21 (2021) 2, pp. 139-148

This paper contributes to studies on corporate liquidity management. It explores the determinants of cash holdings of firms in emerging countries using panel data models. The results indicate that highly liquid firms in emerging countries show one or more of the following characteristics. They...

Persistent link: https://www.econbiz.de/10012816602

Firm size does matter : new evidence on the determinants of cash holdings

Magerakis, Efstathios; Gillas, Konstantinos Gkillas; … - In: Journal of risk and financial management : JRFM 13 (2020) 8/163, pp. 1-33

We study the financial determinants of cash holdings and discuss the importance of firm size in the post-crisis period. We employ panel data regression analysis on a sample of 6629 non-financial and non-utility listed companies in the United Kingdom from 2010 to 2018. We focus on the comparative...

Persistent link: https://www.econbiz.de/10012322361

Where do institutional investors seek shelter when disaster strikes? : evidence from COVID-19

Glossner, Simon; Matos, Pedro; Ramelli, Stefano; … - 2020

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...

Persistent link: https://www.econbiz.de/10012271074

Corporate cash holdings : evidence from a different institutional setting

Drobetz, Wolfgang; Grüninger, Matthias C. - 2006 - This Version: May 2006

This paper investigates the determinants of Swiss non-financial firms' cash holdings over the 1995 to 2004 period. The median Swiss firm holds almost twice as much cash and cash equivalents as the median UK or US firm. Our results indicate that there is a negative relationship between asset...

Persistent link: https://www.econbiz.de/10011570977

Cash holdings and financing decisions under ambiguity

Agliardi, Elettra; Agliardi, Rossella; Spanjers, Willy - 2014

This paper addresses the following unresolved questions: Why do some firms issue equity instead of debt? Why did most … financial crisis? We analyze how the values of the firm's equity and debt are affected by ambiguity. We also show that cash …

Persistent link: https://www.econbiz.de/10011715949

Cash, financial flexibility, and product prices : evidence from a natural experiment in the airline industry

Kim, Sehoon - 2017

Corporate cash holdings impact firms' product pricing strategies. Exploiting the Aviation Investment and Reform Act of the 21st Century as a quasi-natural experiment to identify exogenous shocks to competition in the airline industry, I find that firms with more cash than their rivals respond to...

Persistent link: https://www.econbiz.de/10011963285

Product price risk and liquidity management : evidence from the electricity industry

Chen, Lin; Schmid, Thomas; Weisbach, Michael S. - 2018

Product price risk is a potentially important factor for firms' liquidity management. A natural place to evaluate the impact of this risk on liquidity management is the electricity industry, since producing firms face substantial price volatility in wholesale markets. Empirically, higher...

Persistent link: https://www.econbiz.de/10011963380

Analysis of bankruptcy threat for risk management purposes : a model approach

Wieczorek-Kosmala, Monika; Błach, Joanna; Trzęsiok, Joanna - In: International Journal of Financial Studies : open … 6 (2018) 4, pp. 1-17

risk map. The purpose of our study is to advocate two additional dimensions that incorporate liquidity and/or debt capacity … companies face the limited ability to self-resist risk outcomes, due to high debt capacity and high liquidity constraints. We … supports the conclusion that the level of liquidity and debt capacity constraints and thus the ability to retain risk outcomes …

Persistent link: https://www.econbiz.de/10011963925

Do business groups affect corporate cash holdings? : evidence from a transition economy

Cai, Weixing; Zeng, Cheng; Lee, Edward; Ozkan, Neslihan - In: China journal of accounting research : CJAR 9 (2016) 1, pp. 1-24

. Group affiliation facilitates related-party transactions, increases debt capacity and decreases investment …

Persistent link: https://www.econbiz.de/10011844586

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...

Persistent link: https://www.econbiz.de/10012216704