نتایج جستجو برای: operating cash flow
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چکیده این پژوهش باهدف بررسیتأثیر جریان وجه نقد آزاد و سطح انباشت وجه نقد بر انعطافپذیری در شرکتهایپذیرفتهشده بورس اوراق بهادار تهران صورت گرفت.جامعه آماری تحقیق شامل کلیه شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران از سال 1387 تا سال 1392بود که از این میان با استفاده از مدنظر قرار دادن معیارهای مشخص، تعداد 50 شرکت حائز شرایط شناخته و بهعنوان جامعه غربالگری شدهدر نظر گرفته شد.روش جمعآو...
Since paying over or not paying dividends can cause the firms to face financial crises, firms are always looking for discovery and using a target (optimal) dividend payout ratio. It should be noted that a dividend ratio is a dynamic number and a variety of factors affect it over time. The movement speed of the dividend payout ratio towards the target depends on several factors. This paper inves...
Unexpectedly severe winter weather, which is arguably exogenous to firm and bank fundamentals, represents a significant cash flow shock for bank-borrowing firms. Firms respond these shocks by drawing on increasing the size of their credit lines. Banks charge borrowers this liquidity via increased interest rates less borrower-friendly loan provisions. Credit line adjustments occur within one cal...
Abstract Theory has recently shown that corporate policies should depend on firms’ exposure to short- and long-lived cash flow shocks the correlation between these shocks. We provide granular estimates of parameters for Compustat firms using a new filter uses only data theoretical restrictions canonical model. As predicted by theory, we find estimated are strongly related liquidity financing ch...
I document a positive relationship between excess cash holdings of actively managed equity mutual funds and future fund performance. The difference in returns of portfolios of high and of low excess cash funds amounts to over 2% annually, or approximately 3% after standard risk adjustment. I study whether this difference in performance can be explained by the differences in managerial stock sel...
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...
A controversy exists on the use of the investment – cash flow sensitivity as a measure of financing constraints of firms. We re-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment – cash flow sensitivity for both group-affiliated and independent firms, but no significant difference in the sensitivity between them. Additional tests consis...
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