Search Results

Showing results 1 to 10 of approximately 22.

(refine search)
Keywords:Cash flow 

Journal Article
Cash flow or present value: what's lurking behind that hedge?

Review , Volume 67 , Issue Jan , Pages 5-13

Conference Paper
The free cash flow theory of takeovers: a financial perspective on mergers and acquisitions and the economy

Conference Series ; [Proceedings] , Volume 31 , Pages 102-148

Working Paper
Evidence on the role of cash flow for investment

Finance and Economics Discussion Series , Paper 93-7

Discussion Paper
Internal funds and the investment functions: exploring the theoretical justification of some empirical results

Special Studies Papers , Paper 199

Bank commitment relationships, cash flow constraints, and liquidity management

Evidence in this paper suggests that a close banking relationship--a loan commitment in particular--relaxes cash flow and cash management constraints on firms. Given firms' prospects (Q), the investment and cash flow correlation is substantially lower when firms have a bank loan commitment. The difference in cash flow sensitivity reflects differences in firms' cash management practices in the face of cash flow shocks. Firms with a commitment simply run down their stocks of cash (or borrow more) when their cash flow falls but their investment prospects remain strong. The different ...
Staff Reports , Paper 108

Working Paper
Why doesn’t technology flow from rich to poor countries?

What is the role of a country?s financial system in determining technology adoption? To examine this, a dynamic contract model is embedded into a general equilibrium setting with competitive intermediation. The terms of finance are dictated by an intermediary?s ability to monitor and control a firm?s cash flow, in conjunction with the structure of the technology that the firm adopts. It is not always profitable to finance promising technologies. A quantitative illustration is presented where financial frictions induce entrepreneurs in India and Mexico to adopt less-promising ventures than in ...
Working Papers , Paper 2012-040

Conference Paper
Bank ties and bond market access : evidence on investment-cash flow sensitivity in Japan

Proceedings , Paper 859

Working Paper
Investment and market imperfections in the U.S. manufacturing sector

Working Paper Series, Macroeconomic Issues , Paper 92-4

Working Paper
Who holds cash? and why?

Cash holdings of nonfinancial firms range widely, and are related to firm size, industry and access to the public bond market. Cash holdings are positively correlated with agency proxies, suggesting that firms that cannot borrow easily due to agency problems hold greater cash stocks--perhaps as a cushion to prevent shortfalls in cash flow from impinging on investment. However, this correlation holds only for the very highest cash holders, especially small firms. The group of afflicted firms appears to be less than one-quarter of COMPUSTAT firms. Agency proxies are irrelevant for a large ...
Finance and Economics Discussion Series , Paper 1998-13

Working Paper
The evolution of cash transactions : some implications for monetary policy

This paper considers the implications for monetary policy of a decreasing demand for outside money. It finds that even perpetual declines in the demand for base money pose no threat to the traditional methods employed for conducting monetary policy. The effects of such reductions in the demand for central bank liabilities, however, do depend on how monetary policy is conducted. Four monetary policy regimes are analyzed. With a policy of nominal-interest-rate targeting, a secular decline in the volume of cash transactions unambiguously leads to accelerating inflation. A policy of maintaining a ...
Research Working Paper , Paper 99-02


FILTER BY Content Type

Working Paper 8 items

Journal Article 6 items

Conference Paper 3 items

Discussion Paper 2 items

Report 2 items

Newsletter 1 items

show more (1)


FILTER BY Keywords