The work presented in this thesis is, to the best of my knowledge and belief, original, except as acknowledged in the text. The material has not been submitted, either in whole or in part, for a degree at this or any other university. I Acknowledgements I would like to express my deepest gratitude towards Dr. Kelvin Tan, whose insightful guidance, generous help and encouragement have helped me ...

We investigate the economic factors driving the unprecedented rise of corporate liquidities since the 1970s. We document that US firms face higher earnings volatility and manage this increased risk with more liquidities in terms of both cash savings and credit lines. The rise in liquidities is not attributable to the increased sales volatility. The higher earnings volatility along with the fina...

The introduction of credit default swaps (CDS) trading on an underlying firm may influence its future access to external financing and, hence, its precautionary demand for cash. In this paper, we empirically estimate this effect of CDS trading, using a comprehensive sample of North American corporate CDS introductions between 1997 and 2009. We show that corporate cash holdings, as a proportion ...

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...

In this study, the effect of management entrenchments on the speed of cash holding adjustment in Iran has been investigated. After designing the management entrenchment evaluation indicators, the transaction information was collected from the Stock Exchange in the five-year period of 2011-2015. The statistical sample consists of 155 companies selected by systematic deletion method. In this rese...

I explore the role of the Just-in-Time (JIT) inventory system in the increase of cash holdings among U.S. manufacturing firms. I first demonstrate the empirical importance of JIT in shaping cash policy. I then develop a model to analyze the mechanism through which JIT affects cash and quantify its impact. In the model, both cash and inventory can serve as working capital. As firms switch from t...

In this paper, we extend corporate disclosure and cash holdings literature by testing whether voluntary risk affects for a sample of Tunisian non-financial listed companies. As measure disclosure, use manual content analysis to count the number risk-related sentences in narrative sections annual reports. holdings, ratio equivalent over total assets. Using 140 firm-year observations period 2008–...