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Is the investment-cash flow sensitivity still useful to gauge financing constraints?

Chichti, Jamel E.; Mansour, Walid - In: International Journal of Economic Policy in Emerging … 3 (2010) 1, pp. 71-84

Most of the papers in corporate finance use the investment-cash flow sensitivity as a key metric to gauge financing … symptomatic of financing constraints. In this paper, we revisit the debate among authors regarding the usefulness of the so … indicator of financing constraints is sceptical. …

Persistent link: https://www.econbiz.de/10008755557

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

Acharya, Viral V; Almeida, Heitor; Campello, Murillo - C.E.P.R. Discussion Papers - 2005

We model the interplay between cash and debt policies in the presence of financial constraints. While saving cash allows constrained firms to hedge against future cash flow shortfalls, reducing current debt – ‘saving borrowing capacity’ – is a more effective way of securing investment in...

Persistent link: https://www.econbiz.de/10005124183

Comparative analysis of risk control in logistics and supply chain finance under different pledge fashions

Li, Yixue; Wang, Shouyang; Feng, Gengzhong; Lai, Kin Keung - In: International Journal of Revenue Management 5 (2011) 2/3, pp. 121-144

Inventory pledge financing is the core mode of logistics and supply chain finance in China, which can effectively solve …

Persistent link: https://www.econbiz.de/10010669601

Investment and financing constraints in China: Does working capital management make a difference?

Ding, Sai; Guariglia, Alessandra; Knight, John - In: Journal of Banking & Finance 37 (2013) 5, pp. 1490-1507

linkages between investment in fixed and working capital and financing constraints. We find that those firms characterized by … that, despite severe external financing constraints, those firms with low FKS and high WKS exhibit the highest fixed … investment rates. This suggests that an active management of working capital may help firms to alleviate the effects of financing …

Persistent link: https://www.econbiz.de/10010741766

Callable bonds, reinvestment risk, and credit rating improvements: Role of the call premium

Tewari, Manish; Byrd, Anthony; Ramanlal, Pradipkumar - In: Journal of Financial Economics 115 (2015) 2, pp. 349-360

We identify the call premium in nonconvertible callable bonds as an effective contracting provision to address agency conflict due to reinvestment risk and credit rating improvements. We analyze 4,495 bonds issued between 1980 and 2012. When interest rates are high, a majority of...

Persistent link: https://www.econbiz.de/10011189252

Quelques enseignements tirés de la recherche en finance d’entreprise

Schatt, Alain - In: Revue Finance Contrôle Stratégie 11 (2008) Special, pp. 193-235

French managers. Three different types of decisions are analyzed:investment decisions, financing decisions and payout …

Persistent link: https://www.econbiz.de/10005111117

Financing the EU budget - Present situations and perspective

Clemens, Johannes; Lemmer, Astrid - In: CESifo DICE Report 4 (2006) 1, pp. 39-44

Persistent link: https://www.econbiz.de/10005037325

The Net Stable Funding Ratio: Impact and Issues for Consideration

Gobat, Jeanne; Yanase, Mamoru; Maloney, Joseph - International Monetary Fund (IMF) - 2014

As part of Basel III reforms, the NSFR is a new prudential liquidity rule aimed at limiting excess maturity transformation risk in the banking sector and promoting funding stability. The revised package has been issued for public consultation with a plan of making the rule binding in 2018. This...

Persistent link: https://www.econbiz.de/10011142026

Risk measures and the cost of equity in the new economy biotechnology industry

Sadorsky, Perry; Henriques, Irene - In: Global Business and Economics Review 5 (2003) 1, pp. 37-55

, investors, policy makers, and others who are interested in the financing and risk management of new economy firms. …

Persistent link: https://www.econbiz.de/10010816576

The Characteristics and Value-Added Contributions of Private Investors to Entrepreneurial Software Ventures

Freear, John; Sohl, Jeffrey - In: Journal of Entrepreneurial Finance 6 (2001) 1, pp. 84-103

The nature and role of early stage equity financing in the development of emerging entrepreneurial ventures in the …

Persistent link: https://www.econbiz.de/10010790681