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Value Maximizing Corporate Current Assets and Cash Management in Relation to Risk Sensitivity: Polish Firms Case
16 references·0 citing·37 second hop
Value Maximizing Corporate Current Assets and Cash Management in Relation to Risk Sensitivity: Polish Firms Case (2014)Value Maximizing Corporate Current Assets…The Corporate Propensity to Save (2009)The Corporate Propensity to S…Corporate trade credit and inventories: New evidence of a trade-off from accounts payable and receivable (2008)Corporate trade credit and in…Measuring Investment Distortions when Risk‐Averse Managers Decide Whether to Undertake Risky Projects (2005)Measuring Investment Distorti…LAPM: A Liquidity‐Based Asset Pricing Model (2001)LAPM: A Liquidity‐Based Asset…The determinants and implications of corporate cash holdings (1999)The determinants and implicat…The Determinants of Corporate Liquidity: Theory and Evidence (1998)The Determinants of Corporate…The Determinants and Implications of Corporate Cash Holdings (1997)The Determinants and Implicat…The Paradox of Liquidity (1995)The Paradox of LiquidityThe Paradox of Liquidity (1995)The Paradox of LiquidityTHEORY OF RISK CAPITAL IN FINANCIAL FIRMS (1993)THEORY OF RISK CAPITAL IN FIN…Decision Systems for Inventory Management and Production Planning (1979)Decision Systems for Inventor…Decision Systems for Inventory Management and Production Planning (1979)Decision Systems for Inventor…Material Requirements Planning (1978)Material Requirements PlanningA Model of the Demand for Money by Firms (1966)A Model of the Demand for Mon…Liquidity Preference as Behavior Towards Risk (1958)Liquidity Preference as Behav…The Transactions Demand for Cash: An Inventory Theoretic Approach (1952)The Transactions Demand for C…FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY (1968)Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Corporate cash holdings: An empirical investigation of UK companies (2003)Financial Development and Financing Constraints: International Evidence from the Structural Investment Model (2003)Financial Constraints, Investment, and the Value of Cash Holdings (2009)The Pricing of Options and Corporate Liabilities (1973)An analytic derivation of the cost of deposit insurance and loan guarantees An application of modern option pricing theory (1977)Risk Management, Capital Budgeting and Capital Structure Policy for Financial Institutions: An Integrated Approach (1996)Capital Allocation for Insurance Companies (2001)The market value impact of operational loss events for US banks and insurers (2006)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Determinants of corporate borrowing (1977)Liquidation Values and Debt Capacity: A Market Equilibrium Approach (1992)Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking (2001)Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit‐taking (2002)How does capital affect bank performance during financial crises? (2013)Risk, Return, and Equilibrium: Empirical Tests (1973)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach (2007)A Unified Theory of Tobin's q , Corporate Investment, Financing, and Risk Management (2011)Investment, Idiosyncratic Risk, and Ownership (2012)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Exponential smoothing: The state of the art (1985)Integrated inventory models: The buyer-vendor coordination (1989)A Simple Forward Algorithm to Solve General Dynamic Lot Sizing Models with n Periods in 0(n log n) or 0(n) Time (1991)Dynamic Econometrics (1995)Do Firms Rebalance Their Capital Structures? (2005)A Model of the Consumption Response to Fiscal Stimulus Payments (2014)Inflation and Welfare (2000)The Cointegrated VAR Model: Methodology and Applications (2006)Why Do Firms Hold Cash? Evidence from EMU Countries (2004)Bank Lines of Credit in Corporate Finance: An Empirical Analysis (2007)The theory and practice of corporate finance: evidence from the field (2001)The Cash Flow Sensitivity of Cash (2004)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)
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References

  • 1958Liquidity Preference as Behavior Towards Risk3,916 cited
  • 1999The determinants and implications of corporate cash holdings3,910 cited
  • 1952The Transactions Demand for Cash: An Inventory Theoretic Approach2,353 cited
  • 1966A Model of the Demand for Money by Firms1,338 cited
  • 1979Decision Systems for Inventory Management and Production Planning1,300 cited
  • 1998The Determinants of Corporate Liquidity: Theory and Evidence1,243 cited
  • 1997The Determinants and Implications of Corporate Cash Holdings1,052 cited
  • 1995The Paradox of Liquidity1,009 cited
  • 2009The Corporate Propensity to Save711 cited
  • 1993THEORY OF RISK CAPITAL IN FINANCIAL FIRMS350 cited
  • 2001LAPM: A Liquidity‐Based Asset Pricing Model331 cited
  • 1978Material Requirements Planning300 cited
  • 2008Corporate trade credit and inventories: New evidence of a trade-off from accounts payable and receivable293 cited
  • 1979Decision Systems for Inventory Management and Production Planning212 cited
  • 2005Measuring Investment Distortions when Risk‐Averse Managers Decide Whether to Undertake Risky Projects155 cited

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1995
The Paradox of Liquidity
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