this study investigates empirically the value investors place in excess cash holdingand how managerial ability impact on the value of cash holding for iranianfirms from 2006 to 2014. in this research, managerial ability calculated by usingthe data envelopment analysis (dea). following the approach of faulkender andwang, we find that the relation between managerial ability and value of cash hold...

This study investigates empirically the value investors place in excess cash holdingand how managerial ability impact on the value of cash holding for Iranianfirms from 2006 to 2014. In this research, managerial ability calculated by usingthe data envelopment analysis (DEA). Following the approach of Faulkender andWang, we find that the relation between managerial ability and value of cash hold...

The purpose of this paper is to examine the effects of inflation and operating cycle on cash holding in Tehran Stock Exchange in the period 2010 to 2014.The sample is comprised of 103 companies which are selected by systematic elimination method and total of 515 year-firm collected. In this study for testing the hypothesis is used of linear regression and correlation. To analyse data and test h...

I quantify a new motive of holding cash through the channel of financing risk. I show that if the access to future credit is risky, firms may issue long-term debt now and save funds in cash to secure the current credit capacity for the future. I structurally estimate the model and find that this motive explains about 30% of cash holdings in the data. Counterfactual experiments indicate that the...