Do All-Equity Firms Destroy Value by Holding Cash?

Inflation, Operating Cycle, Cash Holding

The purpose of this paper is to examine the effects of inflation and operating cycle on cash holding in Tehran Stock Exchange in the period 2010 to 2014.The sample is comprised of 103 companies which are selected by systematic elimination method and total of 515 year-firm collected. In this study for testing the hypothesis is used of linear regression and correlation. To analyse data and test h...

Firm performance Do the NZSE listing rules destroy value ? 1

Do Corporate Global Environmental Standards Create or Destroy Market Value

Glen Dowell • Stuart Hart • Bernard Yeung 263 College of Business, University of Notre Dame, Notre Dame, Indiana 46556 Kenan-Flagler Business School, University of North Carolina, Chapel Hill, North Carolina 27599 New York University, Stern School of Business, 44 W 4th Street, Room 7/65, New York, New York 10012, and William Davidson Institute, University of Michigan Business School, Ann Arbor,...

Earnings, Cash Flows and Ex post Intrinsic Value of Equity

This paper examines the relative importance of earnings and operating cash flows in equity valuation. In contrast to previous studies that use stock returns or future operating cash flows, we use ex post intrinsic value of equity as the criterion for comparison. Ex post intrinsic value of equity is determined adopting both the discounted dividend and residual income models with ex post (future)...

How Do Firms Finance Large Cash Flow Requirements?

How do firms finance large cash flow requirements? We examine this in the context of firms that are subject to substantial cash flow requirements. We find that trade credit, inventory and cash stock reductions are all important in the short term for mild requirements. Larger and longer cash flow shortages give rise to more equity than debt finance. After the shocks, firms gradually adjust their...