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Author: R. Dhumale
Publisher: Springer
ISBN: 0230509517
Category : Business & Economics
Languages : en
Pages : 235
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Book Description
Economic studies which examine the financing patterns of firms, particularly in emerging markets seldom consider the market environment in which they operate. The most recent Asian financial crisis and its exposure of institutional failures in the context of financial sector liberalization show that these market conditions are vital. The positive relationship between a firms excess cash flow and investment are well known but the environment which determines retention of cash as opposed to paying dividends remains unresolved. The results of this survey suggest a framework by which future research in data collection, theoretical analysis and empirical testing may be undertaken.
Author: IntroBooks
Publisher: IntroBooks
ISBN:
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
Author: R. Dhumale
Publisher: Springer
ISBN: 0230509517
Category : Business & Economics
Languages : en
Pages : 235
Get Book Here
Book Description
Economic studies which examine the financing patterns of firms, particularly in emerging markets seldom consider the market environment in which they operate. The most recent Asian financial crisis and its exposure of institutional failures in the context of financial sector liberalization show that these market conditions are vital. The positive relationship between a firms excess cash flow and investment are well known but the environment which determines retention of cash as opposed to paying dividends remains unresolved. The results of this survey suggest a framework by which future research in data collection, theoretical analysis and empirical testing may be undertaken.
Author: Joseph Tham
Publisher: Elsevier
ISBN: 0080514804
Category : Business & Economics
Languages : en
Pages : 517
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Book Description
Principles of Cash Flow Valuation is the only book available that focuses exclusively on cash flow valuation. This text provides a comprehensive and practical, market-based framework for the valuation of finite cash flows derived from a set of integrated financial statements, namely, the income statement, balance sheet, and cash budget. The authors have distilled the essence of years of gathering academic wisdom in the study of cash flow analysis and the cost of capital. Their work should go a long way toward bridging the gap between the application of cost benefit analysis and the theory of capital budgeting. This book covers the basic concepts in market-based cash flow valuation. Topics include the tme value of money (TVM) and an introduction to cost of capital; basic review of financial statements and accounting concepts; construction of integrated pro-forma financial statements; derivation of free cash flows; use of the WACC in theory and in practice; estimating the WACC for non traded firms; calculating the terminal value beyond the planning period. It also revisits the theory for cost of capital and explains how cash flows are valued in reality. The ideas are illustrated using examples and a case study. The presentation is appropriate for a range of technical backgrounds. This text will be of interest to finance professionals as well as MBA and other graduate students in finance. * Provides the only exclusive treatment of cash flow valuation* Authors use examples and a case study to illustrate ideas* Presentation appropriate for a range of technical backgrounds: ideas are presented clearly, full exposition is also provided* Named among the Top 10 financial engineering titles by Financial Engineering News
Author: Jarrad V.T. Harford
Publisher: Routledge
ISBN: 1136793380
Category : Business & Economics
Languages : en
Pages : 108
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Book Description
First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.
Author: John Tennent
Publisher: The Economist
ISBN: 1610395166
Category : Business & Economics
Languages : en
Pages : 190
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Book Description
The credit crunch highlighted to businesses the importance of cash management, as those firms which ran short of cash discovered when they found themselves in trouble or even went bust. This tightly-written guide clearly explains the six critical aspects of the effective management of cash and cash flow. These involve: forecasting likely cash receipts and payments establishing funding lines necessary to cover asset purchases or for working capital efficiently managing day-to-day operations with regard to the amount of cash required selecting appropriate investment opportunities that result in positive cash flow monitoring the profitability of products and services to ensure they are cash generative and not cash destroying, having a plan for managing excess cash that exceeds demand Cash rather than profit has always been the ultimate determinant of whether a business survives.
Author: Rocco Huang
Publisher:
ISBN:
Category : Loan amortization schedules
Languages : en
Pages : 39
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Book Description
With free cash flows, borrowers can accumulate cash or voluntarily pay down debts. However, sometimes creditors impose a mandatory repayment covenant called "excess cash flow sweep" in loan contracts to force borrowers to repay debts ahead of schedule. About 17 percent of borrowers in the authors' sample (1995-2006) have this covenant attached to at least one of their loans. The author finds that the sweep covenant is more likely to be imposed on borrowers with higher leverage (i.e., where risk shifting by equity holders is more likely). The results are robust to including borrower fixed effects or using industry median leverage as a proxy. The covenant is more common also in borrowers where equity holders appear to have firmer control, e.g., when more shares are controlled by institutional block holders, when firms are incorporated in states with laws more favorable to hostile takeovers, or when equity holders place higher valuation on excess cash holdings. These determinants suggest that the sweep covenant may be motivated by creditor-shareholder conflicts. Finally, the author shows that the covenant has real effects: borrowers affected by the sweep covenant indeed repay more debts using excess cash flows, and they spend less in capital investment and pay out fewer dividends to shareholders.
Author: Robert A. Cooke
Publisher:
ISBN: 9781564146779
Category : Accounts payable
Languages : en
Pages : 0
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Book Description
Cash flow is a major concern of all business enterprises, from the smallest to the largest. Most of the information on this subject is aimed at and written for CPAs, MBAs, and other financial professionals. This book is written for the small business owner or everyday entrepreneur, offering simple and modern language to explain vital information about cash flow. This book also discusses the use of excess cash -- recognizing that putting money to work when there is plenty of cash is just as important as conserving it when cash is short. Positive Cash Flow examines each area of business that affects cash flow, discusses how these effects can be improved, and assists the reader in the complex task of projecting cash flow and changing plans as necessary to make sure that there will be adequate cash for operation at all times. Book jacket.
Author: William A. Loscalzo
Publisher: Prentice Hall
ISBN: 9780131160132
Category : Business & Economics
Languages : en
Pages : 200
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Book Description
Author: Rob Reider
Publisher: Wiley
ISBN: 0471454702
Category : Business & Economics
Languages : en
Pages : 352
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Book Description
Provides the tool necessary to determine and evaluate the effectiveness of a corporation's management of cash. Examines how operational activities can affect cash flow management. Shows how effective cash flow management can improve corporate performance and increase shareholder value. Provides an overview of cash management techniques.
Author: Aswath Damodaran
Publisher: John Wiley & Sons
ISBN: 9780471414902
Category : Business & Economics
Languages : en
Pages : 1014
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Book Description
Valuation is a topic that is extensively covered in business degree programs throughout the country. Damodaran's revisions to "Investment Valuation" are an addition to the needs of these programs.
