Tobin (1958) has argued that in the face of potential capital losses on bonds it is reasonable to hold cash as a means to transfer wealth over time. It is shown that this assertion cannot be sustained taking into account the evolution of wealth of cash holders versus non cash holders. Cash holders will be driven out of the market in the long run by traders who only use a (risky) long-lived asse...

Tobin (1958) has argued that in the face of potential capital losses on bonds it is reasonable to hold cash as a means to transfer wealth over time. It is shown that this assertion cannot be sustained taking into account the evolution of wealth of cash holders versus non cash holders. Cash holders will be driven out of the market in the long run by traders who only use a (risky) long-lived asse...

this article conducts a research about the relationship between cash dividend policy and enterprise value based on the data coming from the A-share listed companies over period 2005-2009. In conclusion, the enterprise value has a negative correlation with the incremental and the degressive cash dividend per share, and has a positive correlation with the stable cash dividend per share. Keywords—...

Furthermore, efficient cash management is expected to significantly improve both the profitability and growth of a company. As a result of globalisation and the competitive environment, companies are seeking more sophisticated cash management solutions and focusing on standardised processes and strengthening internal controls, which will lead to a higher degree of centralisation of cash managem...

This paper examines how equity analysts affect corporate liquidity policy and the value of cash. Greater analyst coverage reduces information asymmetry between a firm and outside shareholders and enhances the monitoring process, in turn increasing the value of cash and allowing firms to hold more cash. The cash-to-assets ratio increases by 5.2 percentage points when moving from the bottom analy...

colleagues at the Belfer Center and the School, and many seminar participants. This study is sponsored in part by the U.S. Environmental Protection Agency; however, I am solely responsible for its contents and views. All data used in the analysis are public records, and program codes to process them are available upon request.

The Distribution of Full Income in Greece Non-cash incomes from either private or public sources can have substantial effects on the distribution of economic welfare. However, standard approaches to inequality measurement either neglect them or take into account only selected non-monetary items. Using data for Greece in the mid 2000s we show that it is possible to incorporate a comprehensive li...

The ubiquitous payment problems within construction industry of China are notoriously hard to be resolved, thus lead to a series of impacts to the industry chain. Among of them, the most direct result is affecting the normal operation of contractors negatively. A wealth of research has already discussed reasons of the payment problems by introducing a number of possible improvement strategies. ...

Caldwell hypothesized that: 1) Indian daughters-in-law have less autonomy if they live with their mothers-in-law; but 2) even then, they can gain situational advantage over her if they are educationally superior to her. We tested these two hypotheses with data from the National Family Health Survey II (1998–1999) in the Republic of India. We measured women’s autonomy along three dimensions: a w...

Q, Cash Flow and Investment: An Econometric Critique The effects of measurement and speci…cation error on estimates of the Q and cash ‡ow model of investment are investigated. Two sources of error are considered: expensing of R&D expenditures and failing to identify that component of cash ‡ow which relaxes …nancing constraints. We apply random-effects and instrumental variables estimators to a ...