Showing 1 - 10 of 141,097
I model an open-end mutual fund investing in illiquid assets and show that the fund's endogenous cash management can generate shareholder runs even with a flexible NAV. The fund optimally re-builds its cash buffers at time t + 1 after outflows at t to prevent future forced sales of illiquid...
Persistent link: https://www.econbiz.de/10011976823
The purpose of the article is to analyse the impact of various financial ratios used to evaluate a company’s liquidity … developing countries, the relationship between liquidity and solvency on the one hand and the return on equity on the other is … of the capital asset pricing model (CAPM) model and analysed portfolios based on three liquidity ratios and four solvency …
Persistent link: https://www.econbiz.de/10012303197
properties. In this research I examine how tenant quality affects REIT firm liquidity management (i.e. cash holdings and … utilization of line of credit). I find that 1) tenant Altman Z-score and size are inversely related to total liquidity (cash plus … liquidity and unused credit lines of REIT firms, but has no affect on REIT cash holdings; 3) tenant credit ratings are …
Persistent link: https://www.econbiz.de/10012960903
properties. In this research, I examine the effects of tenant quality on REIT firm liquidity management (i.e. cash holdings and … utilization of line of credit). I find that 1) tenant Altman Z-score and size are inversely related to total liquidity (cash plus … liquidity and unused credit lines of REIT firms, but has no effects on REIT cash holdings; 3) tenant credit ratings are …
Persistent link: https://www.econbiz.de/10013006187
The study investigates the impact of financial distress (credit spread) and liquidity crises (TED spread) on size … to establish the long/short-run impact of financial distress and liquidity crisis on these premiums during recessionary … liquidity crisis. On the other hand, size, value and investment premiums rise with financial distress/liquidity crisis, only …
Persistent link: https://www.econbiz.de/10014254802
factors. In this regard, liquidity is hypothesized to moderate the relationship between debt and financial performance and … this study will simultaneously estimate the optimal liquidity level that could optimize the financial performance of REITs …; Perron, 2006) to analyze the moderating effects of liquidity and the optimal liquidity level on the debt …
Persistent link: https://www.econbiz.de/10012176530
. Additionally, leverage dynamics are interpreted in their role for liquidity management. Interactions of leverage with lines of …
Persistent link: https://www.econbiz.de/10009424101
Persistent link: https://www.econbiz.de/10013002918
We investigate the effects of misvaluation (defined as fluctuation in the market value of equity relative to its intrinsic value) on financing decisions of REITs (Real Estate Investment Trusts). Our findings reveal that misvaluation increases the likelihood of capital-increasing decisions (i.e.,...
Persistent link: https://www.econbiz.de/10012845694
We examine the impact of information asymmetry on a firm's choice between cash and credit lines for corporate liquidity … utilize bank credit lines as opposed to cash for liquidity management. The results are robust to alternative information … liquidity management …
Persistent link: https://www.econbiz.de/10013131959