Excess Cash Flow

A Signal for Institutional and Corporate Governance

R. Dhumale (Autor)

Buch | Hardcover

218 Seiten

2002 | 2003 ed.
Palgrave Macmillan (Verlag)
978-1-4039-0039-5 (ISBN)

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Economic studies which examine the financing patterns of firms, particularly in emerging markets seldom consider the market environment in which they operate. The most recent Asian financial crisis and its exposure of institutional failures in the context of financial sector liberalization show that these market conditions are vital. The positive relationship between a firms excess cash flow and investment are well known but the environment which determines retention of cash as opposed to paying dividends remains unresolved. The results of this survey suggest a framework by which future research in data collection, theoretical analysis and empirical testing may be undertaken.

RAHUL DHUMALE is presently with the Policy and Analysis Group at the Federal Reserve Bank of New York. He has previously worked as a consultant with the World Bank, International Labour Organisation, the UNDP, and the International Monetary Fund. He holds an A.B. from Duke University, MSc. from Oxford University, and a Ph.D. from Cambridge University. Most recently, he was a member of the Faculty at Cambridge University where he taught and worked on issues related to financial regulation and corporate finance. He is presently also a Senior Fellow at the University of London.

Introduction Internal Finance as a Source of Investment: Managerial/Principal Agent or Asymmetric Information Approach Cash Retention Strategies: Test of Free Cash Flow Theory The Cost of Capital: Earnings Retention vs. Leverage Earnings Retention as a Specification Mechanism in Predicting Corporate Bankruptcy Factors Affecting the Market for Corporate Control Conclusion

Erscheint lt. Verlag	31.10.2002
Zusatzinfo	11 Illustrations, black and white; XVI, 218 p. 11 illus.
Verlagsort	Gordonsville
Sprache	englisch
Maße	140 x 216 mm
Themenwelt	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
	Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
	Wirtschaft ► Volkswirtschaftslehre
ISBN-10	1-4039-0039-6 / 1403900396
ISBN-13	978-1-4039-0039-5 / 9781403900395
Zustand	Neuware