the purpose of this research is to evaluate the ability of mutual funds investors to forecast the performance of mutual funds and selecting the best performed funds. it should be mentioned that both individual and institutional investors have been evaluated in this study. in order to answer the question whether the investors have the ability to forecast the performance of mutual funds or not, w...

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 documents the short and long term balance sheet effect of cash flows. We show that cash savings in the short run and debt reduction in both the short and the long run account for a substantial fraction of cash flow use. Although, in the long run, investment exhibits substantial sensitivity to cash flows, investment does not absorb the entire cash flow shock. In fact, the tighter the ...

The literature on the Japanese Horizontal Keiretsu, or Main Bank System, is divided on the real effects of bank dependence on firm performance. This paper presents evidence on this issue for the 1980’s and 1990’s using a large sample of Japanese manufacturing firms. Using the eligibility criteria for domestic bond issues that were in place in the 1980’s as a firm sorting criteria, I find that i...

In this paper, we model cash flow and consumption growth rates as a vectorautoregression (VAR), from which we measure the response of cash flow growth to consumption shocks. As the appropriate cash flow proxy is not unambiguous, nor likely to be measured without error, we consider three alternatives for portfolio cash flows: cash dividends, dividends plus repurchases and corporate earnings. We ...

For as long as anyone remembers non-life insurance companies have used the so called chain ladder method to reserve for outstanding liabilities. When historical payments of claims are used as observations then chain ladder can be understood as estimating a multiplicative model. In most non-life insurance companies a mixture of paid data and expert knowledge, incurred data, is used as observatio...

Effective project management requires reliable knowledge of cash required in different stages of project life cycle. Getting this knowledge is highly dependent on sophisticated consideration of project environment. Nature of projects and their environments are associated with uncertain conditions. In this paper, a new project cash flow assessment method based on project scheduling is proposed t...

uncertainty plays a major role in any project evaluation and management process. one of the trickiest parts of any production project work is its cost and time forecasting. since in the initial phases of production projects uncertainty is at its highest level, a reliable method of project scheduling and cash flow generation is vital to help the managers reach successful implementation of the pr...

Risk phenomenon is one of the key characteristics of decision making in the fields of investment, issues associated with financial markets, and various economic activities. The present study was an attempt to evaluate the impact of different periods of life cycle of companies on the relevance of risk measures of companies. In this study, the collected data have been analyzed in three stages. Fi...