A model is developed in which an industry of N $ 1 firms is privatised. The ‘participation’ method of privatisation is used, whereby firms are sold for cash, but the state retains a proportionate share of ownership. In each firm the new private owner has the opportunity to make a reorganisational investment, before output is produced. This investment is unobservable by the state, and therefore ...

Conditional Value-at-Risk Constrained Optimization of a Power Portfolio Published in International Journal of Applied Decision Sciences • A predictive and risk analytics tool guiding cash management of warranty reserves, covering contingent liabilities. • Finding a balance between excess reserves causing opportunity cost, and not enough reserves necessitating emergency funds. • The decision mak...

Dynamically allocating wealth between cash and a performance-seeking portfolio allows investors to limit drawdowns to a chosen pre-defined level or risk-budget. This paper introduces variants and generalizations of the maximum drawdown metric and the corresponding risk-control strategies, such as excess drawdown, relative drawdown, and rolling drawdowns control. We discuss the relevance of thes...

With the outbreak of Russia-Ukraine conflict, combined with COVID-19 epidemic and Federal Reserve’s interest rate hike, geopolitical risks have increased sharply, which has brought great pressure on sustainable development natural resources industry. This study aims to discuss impact risk (GPR) corporate excess cash holdings in China’s The findings suggest that GRP can encourage enterprises ind...

Purpose This paper investigates the effect of economic policy uncertainty on value cash before and after global financial crisis. Design/methodology/approach We investigate relationship between excess based valuation model Fama French (1998). Baker et al. (2016) news-based index (BBD index) is employed to calculate measures uncertainty. Our research sample includes 103,474 observations from 11,...

The paper investigates market reaction to announcements of stock repurchases and dividends and determinants of choice between the two payout methods. The analysis uses data on Polish firms with the sample period encompassing a significant tax regulation change. The average announcement period abnormal returns are relatively high and exceed 6% for stock repurchases and 2% for dividend initiation...

Subjects in a laboratory experiment withdraw earnings from a cash reserve evolving according to an arithmetic Brownian motion in near-continuous time. Aggressive withdrawal policies expose subjects to risk of bankruptcy but the policy that maximizes expected earnings need not maximize the odds of survival. When profit maximization is consistent with high rates of survival (HS treatments), subje...

This paper investigates the interaction between product market competition and managers’ decision to distribute cash to shareholders. Using a large sample of manufacturing firms, we find that firms in more competitive industries pay more dividends than firms in less competitive markets. Further, consistent with agency theory, we find that the effect of product market competition on corporate pa...

Swine production in North Carolina is second only to Iowa of hogs on farms (Graham, 1995) with 8.3 million head. Cash receipts from 1994 salts exceeded 980 million dollars representing 15.4 percent of total agricultural cash receipts. Using the underfloor flush-lagoon treatment system ofmanure management is reported to produce 950 gallons per year per pig capacity for growing-finishing operatio...

In this paper we investigate the relationship between family ownership structure and corporate value across a sample of 1314 firm-year observations of China’s family publicly listed companies (PLCs), from 2004 to 2008. We find a significant inverse-U-shaped relationship between the controlling family’s ultimate cash-flow rights and corporate value; as measured by Tobin’s Q. That is, as family-o...