Catalogue Search | MBRL
Are you sure you want to remove the book from the shelf?
{{itemTitle}}
101
result(s) for
"Corporations Cash position."
Sort by:
Corporate Cash Management, Excess Cash and Acquisitions
First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.
eBook
Corporate Cash Management, Excess Cash, and Acquisitions
First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company
Publication
Does competitive position matter: Investigating the impact of information risk on COE and corporate investment
The purpose of this study is to find out how firm's competitive position plays the moderating role between the relation of information risk and COE. The study considers the effect of two different types of information risk, i.e., lack of information quality and transparent information.
The data of the study is collected from all the non-financial firms listed on PSX from 2007 to 2022. Two-step system GMM dynamic panel estimators are applied to test the dynamic nature of the proposed model.
The findings show that firms having better competitive position signal their strength through improved information disclosure in order to gain the confidence of shareholders. This competitive environment poses a governance effect by imposing discipline on manager's behavior, reducing information asymmetry and improving the quality of information disclosure, resulting in reduction of the COE. Further, a more competitive environment improves the readability of the annual report and reduces information asymmetry. In addition, by reducing financing frictions, this research provides new and unique insights pertaining to the importance of competitive position in the sensitivity of investment to information risk.
This research extends to the corpus of literature by investigating the unexplored strategic determinants, such as a firm's competitive position, to mitigate the impact of two distinct types of information risk: lower quality and reduced transparency. Additionally, it explores how these risks influence both the cost of equity and corporate investment.
Journal Article
Ontology and the study of social reality: emergence, organisation, community, power, social relations, corporations, artefacts and money
The conception of social reality I have previously defended (and here extend), positing features such as social relations, positions and powers, is thoroughly naturalistic and even consistent with modern interpretations of quantum field theory. It also serves to ground a social science that can be scientific in the sense of natural science. This is the thesis defended here. Central to the argument is an emphasis on a 'strong' form of emergence and the category of 'organisation-in-process'. To bring out various salient features of the position defended, I take the opportunity to compare aspects of it with relevant components of the contribution of John Searle, whose ontological conception appears at once to be both very similar yet also very different.
Journal Article
Excess Cash and Stock Returns
I document a positive relationship between corporate excess cash holdings and future stock returns. The difference in returns of portfolios of high and low excess cash firms amounts to 5% annually or 6% after standard three-factor risk adjustment. Firms with more excess cash have higher market betas and earn lower returns during market downturns. High excess cash companies invest considerably more in the future than do their low cash peers, but do not experience stronger future profitability. On the whole, this evidence is consistent with the notion that excess cash holdings proxy for risky growth options.
Journal Article
The Role of Accounting Conservatism in Mitigating Bondholder-Shareholder Conflicts over Dividend Policy and in Reducing Debt Costs
Using both a market-based and an accrual-based measure of conservatism, we find that firms facing more severe conflicts over dividend policy tend to use more conservative accounting. Furthermore, we document that accounting conservatism is associated with a lower cost of debt after controlling for other determinants of firms' debt costs. Our collective evidence is consistent with the notion that accounting conservatism plays an important role in mitigating bondholder-shareholder conflicts over dividend policy, and in reducing firms' debt costs.
Journal Article
Accounting for infrastructure regulation : an introduction
Developing effective regulation for utilities has always depended on getting good accounting information on finances and operations. But reforms within the utility sector--such as promoting competition and encouraging private participation--make accurate regulatory accounting even more important. As sector and corporate structures become more complex, with utilities operating in both competitive and regulated markets or across several jurisdictions, cost allocations have become both more critical and complex. Clear requirements for regulatory accounts are an essential element in the transparent, consistent, and credible regulation of utilities and reporting of their performance. 'Accounting for Infrastructure Regulation: An Introduction' provides a practical guide for regulators, policy makers and utility managers to establishing regulatory accounts that can be the cornerstone for better, more complete, and more reliable accounting information. Drawing upon a number of case studies to illustrate key issues and choices, the book sets out the essential accounting features of regulatory accounts and provides practical guidance on controversial areas such as the allocation of costs, the valuation of assets, and depreciation. The book emphasizes the need for consistency with Generally Accepted Accounting Principles (GAAP), but highlights the specific role and requirements of regulatory accounts from the perspective of sector reform and best-practice regulation.
eBook
Relationship between abnormal earnings persistence, industry structure, and market share in Brazilian public firms
In this study, Ohlson's Linear Information Dynamic (LID) is analyzed and the effect of other information on the abnormal earnings series is evaluated. The hypothesis that industry structure and market share have significant effects on abnormal earnings in the following period is tested, with Ohlson's LID persistence maintained. The results confirm the premise of LID in a sample of Brazilian public firms, considering all the statistical models. The hypothesis regarding market share is rejected as its effect on the degree of abnormal earnings persistence has no informational content, either directly or jointly. Finally, the results confirm that different industries affect abnormal earnings persistence differently. In view of these results, the research hypotheses are partially rejected. It is concluded that (a) industry contains other information that can impact abnormal earnings for the following period and (b) market share (in isolation and together with industry concentration) does not imply differentiated impacts on firms' abnormal earnings for the following period, and therefore do not reflect the presence of other information in Ohlson's Model (1995).
Journal Article
