Similar Search Results

Chen, Zhiyao; Hackbarth, Dirk; Harford, Jarrad; Luo, Yuxin - 2022

We develop a unified framework to connect cash holding, debt maturity and mergers and acquisitions. We provide empirical support for four internally consistent predictions: i) equity and debt values of highly distressed firms are more sensitive to cash reserve than those of healthy firms; ii)...

Persistent link: https://www.econbiz.de/10014236147

Fashion companies in Poland : the influence of COVID-19 on liquidity assessment

Piosik, Monika - In: Central European economic journal 9 (2022) 56, pp. 323-341

complexity of assessing the liquidity level of retail trade companies. Moreover, it gives an overview of the key information … included in the financial statements of fashion companies and highlights key points crucial to determining the liquidity risk …–Bover / Blundell–Bond linear dynamic panel-data estimator. Results present the real impact of COVID19 on the liquidity of Polish …

Persistent link: https://www.econbiz.de/10013502258

Impact of financial constraints and financial distress on cash holdings

Bukalska, Elżbieta; Maziarczyk, Anna - In: International journal of management and economics 59 (2023) 1, pp. 13-31

The aim of the study is to examine the impact of financial constraints and financial distress on cash holdings, both in normal and crisis times. We collected the 4,406 firm-year observations of companies listed on the Warsaw Stock Exchange (WSE). Our research shows that companies maintain higher...

Persistent link: https://www.econbiz.de/10014310085

The Cost of Financial Distress and the Timing of Default

Elkamhi, Redouane; Parsons, Christopher A.; Ericsson, Jan - 2022

At any point in time, most firms are not in financial distress. This implies that they must suffer value losses unrelated to their leverage before becoming financially distressed. We first show that if estimates of ex-ante distress costs are not filtered of such non-debt related value declines,...

Persistent link: https://www.econbiz.de/10014244725

Liquidity and the future stock returns of the REIT industry

Chen, Ming-Chi; Wang, Chin-yu; Shyu, So-de - In: The journal of real estate finance and economics 45 (2012) 3, pp. 588-603

Persistent link: https://www.econbiz.de/10009685397

The value of liquidity

Benveniste, Lawrence M.; Capozza, Dennis R.; Seguin, … - In: Real estate economics : journal of the American Real … 29 (2001) 4, pp. 633-660

Persistent link: https://www.econbiz.de/10001715369

Real earnings management, liquidity risk and REITs SEO dynamics

Deng, Xiaoying; Ong, Seow-eng - In: The journal of real estate finance and economics 56 (2018) 3, pp. 410-442

Persistent link: https://www.econbiz.de/10012038452

Firm default and aggregate fluctuations

Jacobson, Tor (contributor) - 2008

This paper studies the relation between macroeconomic fluctuations and corporate defaults while conditioning on industry affiliation and an extensive set of firm-specific factors. Using a logit approach on a panel data set for all incorporated Swedish businesses over 1990-2002, we find strong...

Persistent link: https://www.econbiz.de/10003766847

Liquidity in Resolution : Comparing Frameworks for Liquidity Provision Across Jurisdictions

Grund, Sebastian; Nomm, Nele; Walch, Florian - 2021

financial stability. This paper extends the existing research by zooming in on the specific topic of liquidity provision to … banks in resolution. It examines the provision of liquidity in the United States, the United Kingdom, Japan, Canada and the … liquidity provision and the roles of the public budget and the central bank. The comparison also reveals that the role of fiscal …

Persistent link: https://www.econbiz.de/10013314883

Liquidity at Risk : Joint Stress Testing of Solvency and Liquidity

Cont, Rama - 2020

. Liquidity stress tests have been applied in parallel to and independently from solvency stress tests, based on scenarios which … testing of solvency and liquidity: our approach exploits the mechanisms underlying the solvency-liquidity nexus to derive … relations between solvency shocks and liquidity shocks. These relations are then used to model liquidity and solvency risk in a …

Persistent link: https://www.econbiz.de/10012849054