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A Return To The Cash Conversion Cycle And Corporate Returns, Madyson Mcpherson
A Return To The Cash Conversion Cycle And Corporate Returns, Madyson Mcpherson
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
A little over twenty years ago, Jose, Lancaster, and Stevens (1996) wrote a paper examining the relationship between profitability and ongoing liquidity management for firms over a twenty-year period, from 1974 to 1993. They test the relationship between the cash conversion cycle, ongoing liquidity management, and other methods of profitability using a regression analysis (Jose, Lancaster, and Stevens, 1996). This paper aims to do the same but with a selection of firms over a different twenty-year period, from 1993 to 2013. We implement Jose et al.’s methodology with updated data to see if contemporary data yields similar results: aggressive working …
Revisiting Corporate Financial Policy And The Value Of Cash, Nan Guo
Revisiting Corporate Financial Policy And The Value Of Cash, Nan Guo
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
Corporate financial policy and the value of cash by Michael Faulkender and Rong Wang (2006) examined the cross sectional variation in the marginal value of corporate cash holdings that arises from differences in the corporate financial policy. The main findings were that the marginal value of cash declines with large cash holdings,higher leverage, and better access to capital market. The goal of this paper is to replicate and extend Faulkender & Wang's (2006) work to test whether their assumptions and results are still valid.
Executive Portfolio Diversification Through Dividends, Janette Goodridge
Executive Portfolio Diversification Through Dividends, Janette Goodridge
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
In recent decades, many managers and executives have received company stock and stock options as a portion of their pay. As the incidence of this phenomenon increased, it became evident that insiders needed a way to diversify their holdings. One way this could be accommodated is through the issuance of dividends. This paper examined how executive stock ownership and managerial power impacted a firm’s dividend policy. Specifically, it examined the power of an executive as measured by the G index. It further took into account the current level of ownership for a particular manager, as well as the value of …