Article history: Received 28 August 2009 Received in revised form 2 December 2010 Accepted 8 December 2010 Available online 15 December 2010 We examine the determinants of corporate cash management policies across a broad sample of international firms. We document that firms in countries with strong legal protection of minority investors are more likely to decrease their cash holdings in respon...

In order to obtain SEO (Secondary Equity Offering) qualification, china listed companies would do different levels of earnings management centering on accounting earnings indicators. While previous researches on earnings management are mainly focused on enterprise management authorities’ accruals manipulation. In fact, in order to avoid losses, the user of statements would pay more attention to...

The main objective of this paper is to develop a two-warehouse inventory model with partial backordering and Weibull distribution deterioration. We consider inflation and apply the discounted cash flow in problem analysis. The discounted cash flow DCF and optimization framework are presented to derive the optimal replenishment policy that minimizes the total present value cost per unit time. Wh...

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...

The average cash holdings of Chinese-listed firms decreased significantly after the split share structure reform in China, which specified a process that allowed previously nontradable shares held by controlling shareholders to be freely tradable on the exchanges. The reduction in cash holdings is greater for firms with weaker governance and firms facing more financial constraints prior to the ...

Construction projects are complex and risky. According to the literature, even profitable construction companies can fail due to poor cash flow. In order to survive in this rapidly changing environment, effective cash flow management is essential. Many unforeseen factors affect a construction project’s cash flow. The objective of the research presented in this paper is to examine the impact of ...