577 research outputs found
Neurology
Contains reports on six research projects.U. S. Public Health Service (B-3055-4, B-3090-4, MH-06175-02)U. S. Air Force (AF49(638)-1313)U.S. Navy. Office of Naval Research (Nonr-1841(70)
Firms cash management, adjustment cost and its impact on firms’ speed of adjustment-A cross country analysis
We investigate the firms’ specific attributes that determine the difference in speed of adjustment
(SOA) towards the cash holdings target in the Scandinavian countries: Denmark,
Norway and Sweden. We examine whether Scandinavian firms maintain an optimal level
of cash holdings and determine if the active cash holdings management is associated with
the firms’ higher SOA and lower adjustment costs. Our findings substantiate that a higher
level of off-target cost induces professional managers to rebalance their cash level towards
the optimal balance of cash holdings. Our results reveal that Scandinavian firms accelerate
SOA towards cash targets primarily for the precautionary motive. Moreover, our results
show that SOA is heterogeneous across Scandinavian firms based on adjustment cost and
deviate cash holdings towards the target mainly with the support of internal financing. Furthermore,
our empirical findings show that the SOA of Norwegian firms is significantly
higher than the Danish and Swedish firms
Political connections and corporate financial decision making
This paper investigates whether and how political connections influence managerial financial decisions. Our study reveals that those firms that have a politician on its board of directors are highly leveraged, use more long-term debt, hold large excess cash and are associated with low quality financial reporting compared to their non-connected counterparts. These effects escalate with the strength of the connected politician and whether he or his party is in power. The winning party effect is observed to be stronger than victory by the politician himself. Overall, our paper provides strong evidence that political connection is a two-edged sword. It is indeed a valuable resource for connected firms, but it comes at a cost of higher agency problems
The Impact of Financial Structure on Firms' Financial Constraints: A Cross-Country Analysis
Financial Frictions on Capital Allocation: A Transmission Mechanism of TFP Fluctuations
Return Enhancing, Cash-Rich or Simply Empire-Building? An Empirical Investigation of Corporate Real Estate Holdings
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