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Why liquidity matters to the export decision of the firm

Chan, Rosanna - Volkswirtschaftliche Fakultät, … - 2009

Under financial constraints, exporting may have less to do with productivity and more to do with financial resources. The established relationship between exporting and productivity would differ when examined through the lens of the working capital needs of the firm. I approach the hypothesis...

Persistent link: https://www.econbiz.de/10008756498

The Optimal Liquidity Principle with Restricted Borrowing

Mierzejewski, Fernando - 2009

A model is presented to characterise the (optimal) demand for cash balances in deregulated markets. After the model of James Tobin, 1958, net balances are determined in order to maximise the expected return of a certain portfolio combining risk and capital. Unlike the model of Tobin, the prices...

Persistent link: https://www.econbiz.de/10013159438

Residual income and value creation: An investigation into the lost-capital paradigm

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007

improvement; Miller and Modigliani's (1961) investment opportunities approach to valuation; Keynes's (1936) user cost; Drukarczyk …. The results found make this new theoretical approach a good candidate for firm valuation, incentive compensation, capital …

Persistent link: https://www.econbiz.de/10005789544

Correct or incorrect application of CAPM? Correct or incorrect decisions with CAPM?

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007

Model, (ii) the use of the disequilibrium NPV is widespread in finance both as a decision rule and as a valuation tool, (iii … valuation, (iv) Magni’s (2002, 2007a, forthcoming) criticism of the NPV criterion refers to the disequilibrium NPV, and De Reyck …’s (2005) project valuation method, on the basis of which Magni’s criticism to NPV is objected, leaves decision makers open to …

Persistent link: https://www.econbiz.de/10005836868

Practical approach to estimating cost of capital

Skardziukas, Domantas - Volkswirtschaftliche Fakultät, … - 2010

forward looking cost of capital for company’s stakeholders. With cost of capital being essential in corporate valuation and …

Persistent link: https://www.econbiz.de/10009021988

Interrelationship between taxes, capital structure decisions and value of the firm: A panel data study on Indian manufacturing firms

Sinha, Pankaj; Bansal, Vishakha - Volkswirtschaftliche Fakultät, … - 2014

Since the development of efficient proxies for taxes, many researchers have proved the existence of impact of tax on financing decisions. The ultimate aim of each business decision is to enhance the value of the firm; hence it is important to study the tax implications of financing decisions on...

Persistent link: https://www.econbiz.de/10011109655

Residual income and value creation: An investigation into the lost-capital paradigm

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007

Persistent link: https://www.econbiz.de/10011111180

Measuring performance and valuing firms: In search of the lost capital

Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007

Residual income as commonly described in academic papers and in real-life applications may be formally described as a function of three variables: (i) the capital invested, (ii) the rate of return, (iii) the opportunity cost of capital. This paper shows that a different paradigm of residual...

Persistent link: https://www.econbiz.de/10011113662

Are listed Indian firms finance constrained: Evidence for 1991-92 to 1997-98

Bagchi, A. K.; Das, Pranab Kumar; Moitra, B. - Volkswirtschaftliche Fakultät, … - 2002

We formulate a simultaneous equations model and with the data of a panel of 600 Indian firms for the period 1991-92 to 1997-98 test the hypothesis of finance constraint. The firms are classified by the dividend pay-out ratio into high-cost and low-cost groups; a high dividend pay-out ratio...

Persistent link: https://www.econbiz.de/10011110688

Relationship between Efficiency Level of Working Capital Management and Profitability of Firms in the Textile Sector of Pakistan

Chhapra, Imran Umer; Naqvi, Nousheen Abbas - Volkswirtschaftliche Fakultät, … - 2010

The main aim of this study is to investigate the relationship between working capital management (WCM) and firm’s profitability in the textile sector of Pakistan. WCM plays an important role in firm’s financial management decisions. An optimal WCM is expected to contribute positively to the...

Persistent link: https://www.econbiz.de/10011259564