Download or read book Managerial Timing and Corporate Liquidity written by Paul Brockman and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to investigate the timing of open market share repurchases and its resultant impact on corporate liquidity. We identify the exact implementation dates for over 5,000 equity buybacks on the Stock Exchange of Hong Kong between November 1991 and August 1999. A bootstrapping method is used to distinguish managerial timing ability from a naive accumulation plan. The results show that managers exhibit substantial timing ability. Consistent with the information-asymmetry hypothesis (Barclay and Smith (1988 Journal of Financial Economics 22, 61-82)), we find strong evidence that bid-ask spreads widen and depths narrow during repurchase periods. We further decompose bid-ask spreads and show that the adverse selection component increases substantially when market participants respond to the presence of informed managerial trading. Overall, our market timing, spread and depth, and decomposition results reveal a coherent picture of managerial buyback behavior and its impact on firm liquidity. Our results have significant implications for corporate payout and disclosure policies.

Download or read book Managing Corporate Liquidity written by Lance Moir and published by Routledge. This book was released on 2014-06-11 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cash, as every manager knows, is the life-blood of a business. Managing cash flow, interest rates, and banking relations are some of the most important functions of treasury management. Managing Corporate Liquidity is a practical and concise guide designed specifically to offer advice and insight into the fundamental decisions of liquidity management. This book also takes into account the increased use of liquidity instruments, looking in detail at interest-rate hedging and the various control mechanisms that have been developed in recent years. An essential guide for treasury managers, financial managers at all levels, and entrepreneurs, business owners, and their advisers.

Download or read book Corporate Liquidity Management in Relation to Dividend and Other Working Capital Policy Decisions written by Ungki Lim and published by . This book was released on 1979 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Actual Share Repurchases Timing and Corporate Liquidity written by Edith Ginglinger and published by . This book was released on 2015 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research on the impact of open market share repurchases has been hindered by the lack of data available on actual share repurchases in many countries, including the US. Using a previously unused database containing detailed information on 36,848 repurchases made by 352 French firms, we show that corporate share repurchases have a significant adverse effect on liquidity as measured by bid-ask spread or depth. Our results also indicate that share repurchases largely reflect contrarian trading rather than managerial timing ability.

Download or read book Management Of Corporate Liquidity written by V. Gangadhar and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liquidity Is The Capacity Of A Firm To Meet Its Short-Term Obligations. The More Liquidity A Firm Has The More Likely It Is Able To Pay Its Employees, Supplies And Holders Of Short-Term Creditors. The Assets Are Liquid If They Can Be Rapidly Converted Into Cash. The Effective Management Of Corporate Liquidity Has Become Greater Significance In Recent Times In View Of Poor Performance Of Enterprises On The One Side And Resource Crunch On The Other.An Attempt Is Made Here To Study The Corporate Liquidity Measurement And Management In The State Level Public Enterprises. This Study Covers The Latest Methods Of Measurement And Management Techniques Of Liquidity. It Also Covers A Chapter On Process, Problems Of Performance And Prospects Of Disinvestment Of Central Government And State Government Public Sector Enterprises.The Study Aims At Examining The Corporate Liquidity Measurement And Management Practices At Length And Discusses The Deficiencies In The Existing Practices In The Liquidity Management And Suggests Measures For Improvement.This Study Is Useful To M.Com., M.B.A., M.F.A., I.C.F.A., C.A., Icwai And Various Research Students. It Will Also Be Beneficial To The Financial Executives Who Want To Update Their Knowledge In Corporate Liquidity. To Cater To The Needs Of The Post-Graduate Students, Research Scholars And Financial Executives, The Subject Matter In This Book Is Dealt With A Conceptual And Analytical Approach.

Download or read book Managing Corporate Liquidity written by Lance Moir and published by Global Professional Publishi. This book was released on 1999 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: � Essential reading for finance directors and corporate treasurers � Gives detailed information on recently developed controls such as interest rate hedging If cash, as every manager knows, is the life blood of a business then managing cash flow, interest rates and banking relations are among the vital functions of treasury management in any business. Managing Corporate Liquidity is a practical and concise guide offering advice and insight into the fundamental decisions of liquidity management that managers have to make. It takes into full account the increased use of liquidity instruments, looking in detail at interest rate hedging and additional control mechanisms which have been developed in recent years. This book is especially targeted to finance directors, corporate treasurers, and managers--in fact, everyone within a business who should be aware of the cash flow implications of their actions.

Download or read book Corporate Liquidity written by Jarl G. Kallberg and published by . This book was released on 1993 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Liquidity Management and Future Investment Expenditures written by Christopher F. Baum and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Liabilities Liquidity and Cash Management written by Dimitris N. Chorafas and published by John Wiley & Sons. This book was released on 2002-10-01 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book provides a very helpful and informative insight into an aspect of finance that has become quite intricate and complex but is nevertheless very fascinating." —Dr. Henry Kaufman, President, Henry Kaufman & Company, Inc. Strategies and advice on balancing financial risk for leveraged companies In today's highly leveraged economy, good liabilities management has become vitally important. Entire sectors of the economy, and some of the biggest financial and industrial companies, face dramatic overexposure problems. But adequate internal liability controls can greatly reduce risk. Featuring case studies in a number of industries and examples of both proper and improper liabilities management in major organizations, Liabilities, Liquidity, and Cash Management shows managers, accountants, investment advisors, and other professionals who deal with liabilities and overexposure how they can implement good internal controls on liability and overexposure. It provides modern tools, critical strategies, and timely advice specifically tailored to the needs of companies facing overexposure and debt risk in a volatile economy. Topics include: Loss of capitalization Derivatives Risks of globalization Sensitivity analysis, gap analysis, stress testing, and value-added solution Real-time financial reporting and virtual balance sheets Liquidity management Money markets, yield curves, and interest rates Mismatch risk profiles Credit risk Risk in the new economy

Download or read book Continuous Time Models in Corporate Finance Banking and Insurance written by Santiago Moreno-Bromberg and published by Princeton University Press. This book was released on 2018-01-08 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Continuous-Time Models in Corporate Finance synthesizes four decades of research to show how stochastic calculus can be used in corporate finance. Combining mathematical rigor with economic intuition, Santiago Moreno-Bromberg and Jean-Charles Rochet analyze corporate decisions such as dividend distribution, the issuance of securities, and capital structure and default. They pay particular attention to financial intermediaries, including banks and insurance companies. The authors begin by recalling the ways that option-pricing techniques can be employed for the pricing of corporate debt and equity. They then present the dynamic model of the trade-off between taxes and bankruptcy costs and derive implications for optimal capital structure. The core chapter introduces the workhorse liquidity-management model—where liquidity and risk management decisions are made in order to minimize the costs of external finance. This model is used to study corporate finance decisions and specific features of banks and insurance companies. The book concludes by presenting the dynamic agency model, where financial frictions stem from the lack of interest alignment between a firm's manager and its financiers. The appendix contains an overview of the main mathematical tools used throughout the book. Requiring some familiarity with stochastic calculus methods, Continuous-Time Models in Corporate Finance will be useful for students, researchers, and professionals who want to develop dynamic models of firms' financial decisions.

Download or read book Corporate Liquidity Management written by Heitor Almeida and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Ensuring that a firm has sufficient liquidity to finance valuable projects that occur in the future is at the heart of the practice of financial management. Yet, while discussion of these issues goes back at least to Keynes (1936), a substantial literature on the ways in which firms manage liquidity has developed only recently. We argue that many of the key issues in liquidity management can be understood through the lens of a framework in which firms face financial constraints and wish to ensure efficient investment in the future. We present such a model and use it to survey many of the empirical findings on liquidity management. Much of the variation in the quantity of liquidity can be explained by the precautionary demand for liquidity. While there are alternatives to cash holdings such as hedging or lines of credit, cash remains "king", in that it still is the predominate way in which firms ensure future liquidity for future investments. We discuss theories on the choice of liquidity measures and related empirical evidence. In addition, we discuss agency-based theories of liquidity, the real effects of liquidity choices, and the impact of the 2008-9 Financial Crisis on firms' liquidity management.

Download or read book Liquidity and Corporate Debt Market Timing written by Marina Balboa and published by . This book was released on 2014 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether firm managers time debt issuances according to market liquidity conditions. Using transactions data in the U.S. market from July 2002 to December 2009, our results show that both the moment and volume of debt issuance are significantly associated with periods of high aggregate liquidity in the corporate bond market. The result is especially strong when liquidity is aggregated across bonds in the same risk class. Splitting the sample into timers and nontimers, we find that liquidity timers benefit from issuing in moments of debt overpricing obtaining financing at much lower cost.

Download or read book Handbook of Corporate Finance written by David J. Denis and published by Edward Elgar Publishing. This book was released on 2024-02-12 with total page 709 pages. Available in PDF, EPUB and Kindle. Book excerpt: Expertly surveying the realm of corporate finance, this adroitly-crafted Handbook offers a wealth of conceptual analysis and comprehensively outlines recent scholarly research and developments within the field. It not only delves into the theoretical dimensions of corporate finance, but also explores its practical implications, thereby bridging the gap between these distinct strands.

Download or read book Two Essays on Corporate Liquidity Management written by Chang Liu (Writer on finance) and published by . This book was released on 2018 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation contains two essays regarding corporate liquidity management. In the first essay, we find that personal connections between borrowers and lenders have a significant impact on the choice of corporate liquidity. Connected firms tend to obtain larger credit lines and hold less cash. Closer personal ties result in easier access to credit lines during economic shocks, such as financial crisis and negative news of credit quality. In addition, connections help firms with tighter financial constraints or higher risk obtain larger amount of credit lines. Connections also increase the amount of credit lines of borrowers with less public debt. Overall, our findings suggest that reduced asymmetric information between borrowers and lenders can improve corporate liquidity management. In the second essay, we study the relationship between corporate liquidity choice and market value by using the market-to-book decomposition of Rhodes-Kropf, Robinson, and Viswanathan (2005). We find that sector overvaluation or long-run growth usually increase the portion of cash in the total corporate liquidity. The effect is stronger in firms with larger growth opportunities, better corporate governance, or longer investor horizons. Moreover, the choice between cash and credit lines for firms without credit ratings are more sensitive to the sector overvaluation or long-run growth. In addition, we find sector error and long-run growth have stronger effects on corporate liquidity in the long horizons.

Download or read book Liquidity Risk written by E. Banks and published by Springer. This book was released on 2013-11-06 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liquidity Management is now a core consideration for banks and other financial institutions following the collapse of numerous well-known banks in 2007-8. This timely new edition will provide practical guidance on liquidity risk and its management – now mandatory under new regulation.

Download or read book Dutch Corporate Liquidity Management written by W. Allard Bruinshoofd and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Managing Corporate Liquidity written by James H. Vander Weide and published by John Wiley & Sons. This book was released on 1985 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: