Finance and Financial Management Commons^™

Essays On International Corporate Cash Holdings, Yonghong Jia

Wayne State University Dissertations

This dissertation is composed of two distinct chapters. The first chapter is concerned with the secular trends in corporate cash holdings and the determinants of the changing cash policies for seven industrialized countries--Australia, Canada, France, Germany, Japan, the US, and UK. In the first chapter, we document that a pronounced secular upward trend in cash holdings is almost systemic across sample countries over 1991-2008, with France exhibiting a modest rise and Japan a substantial decline. However, the driving forces underlying the cash pattern are not uniform across countries. While the evolution in firm characteristics necessitated elevated cash balances, the time-varying …

Essays On Reverse Leveraged Buy-Outs, Mark Richard Gruskin

Wayne State University Dissertations

ABSTRACT

ESSAYS ON REVERSE LEVERAGED BUYOUTS

by

MARK GRUSKIN

August 2011

Advisor: Dr. Sudip Datta

Major: Business Administration (Finance)

Degree: Doctor of Philosophy

This dissertation is the first study to investigate public-to-private reverse leveraged buyouts (RLBOs). The first essay measures changes in profitability, financial structure, operations, and cost structure to detect actions taken during the private period. Results show that approaching the leveraged buyout there is an above industry level of free cash flow and capital expenditures, while growth options are at competitive levels. These factors in the presence of low ownership concentration suggest the existence of overinvestment.

Increased leverage …