We construct empirical proxies for cash-flow timing and matching problems and provide evidence on the ability of this accrual generating factor to explain accruals. Researchers lament our meager understanding of the process that spawns accruals (Owens et al., 2013, Ball, 2013, McNichols, 2000). Our aim is to map the explanatory power boundaries demarcated by our current knowledge of the role of...

During 1980-87, eight hospitals in the Rochester, New York area participated in an experimental program to limit total revenue. This article analyzes: increase of costs for Rochester hospitals; trends for inputs and compensation; and cash flow margins. Real expense per case grew annually by about 3 percent less in Rochester. However, after 1984, Medicare prospective payment had an effect of sim...

Based on unbalanced panel dates of 4060 companies listed from 2003 2007 in Shanghai and Shenzhen Stock Markets, this paper empirically studies the degree of product market competition, the relationship between cash dividends distribution tendency and cash dividends policy. Results show that controlling shareholders have significant motivation to distribute cash dividends, and this kind of incen...

Food-based safety net programs support adequate consumption and contribute to assuring livelihoods. They differ from other safety net programs in that they are tied to the provision of food, either directly, or through cash-like instruments (food stamps, coupons) that may be used to purchase food. Since food provided through a safety net program may be substituted for a household’s current cons...

This study estimates 2007 national poverty rates using an approach largely conceptualized by a 1995 National Academy of Sciences panel and similar to the supplemental poverty measure that will soon be produced by the U.S. Census Bureau. The study uses poverty thresholds based on expenditures for shelter, food, clothing, and utilities, as well as a measure of family income that includes earnings...

Many firms face a problem of managing cash balances to maximize the availability of cash for investment and to avoid the risk of insolvency. In this paper, we consider a cash management model in which the two types of funds are available when a manager adjusts cash level. We suppose that the rate of utilizing the two funds for the amount of adjustment is constant. Our objective is to minimize t...

There has been dramatic change in the financing of long-term care in the last few years. Major private insurance carriers have introduced long-term care insurance policies to meet some of the custodial care needs of a variety of consumer groups, including old and young retirees as well as current employees. Newer policies are tying coverages more closely to a measure of disability that reflect ...

Cash takeover bids financed from internally generated cash reserves could be a function of capital market imperfections (Myers and Majluf 1984) or symptomatic of “free-cash-flow” problems (Jensen 1986, 1988). We find that bids financed from cash reserves outperform those that use debt financing. Further, ‘free cash flow’ firms outperform ‘non-free cash flow’ firms. The majority of cash bids are...

This paper studies the impact of both solvency and liquidity concerns on corporate …nance. The …rm optimally chooses capital structure, cash holdings, dividends and default while facing stochastic cash ‡ows with two sources of uncertainty. The expected cash ‡ows are uncertain and low pro…tability leads to solvency distress. Moreover, cash ‡ows are subject to liquidity shocks that cause liquidit...

This article, based on semi-structured interviews, addresses masculinity in the international division of reproductive labour through an analysis of the impact of gender and class on the outsourcing of elderly care services to migrant care workers. In the Italian context, characterised by a limited provision of long-term care services and by cash-for-care benefits, the strategies of men as empl...