Journal ArticleDOI
Working capital dynamics
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In this paper, the authors assess short run variations in firms' working capital allocations in light of finding persistence in these allocations in the recent literature and study the extent and speed of me...Abstract:
We assess short-run variations in firms’ working capital allocations in light of finding persistence in these allocations in the recent literature. Specifically, we study the extent and speed of me...read more
Citations
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Working capital allocations and productivity: empirical issues and role of asset utilization
TL;DR: In this paper, the authors use a multivariate framework to draw inferences from the marginal impact of working capital and its components on firm value while controlling for asset utilization, and find that, after accounting for asset utilisation, the marginal impacts of working assets and their components on the firm value is quite weak.
Journal ArticleDOI
Does group affiliation impact financial constraints? Evidence from India
TL;DR: In this paper , the authors investigated the impact of working capital level on firm values and risks between group affiliated and standalone firms, and found that standalone firms are more financially constrained than group affiliated firms.
Journal ArticleDOI
Uncertainty in Working Capital Management and Firm Performance: A COVID-19 Perspective
M. R. Hossain,M. A. Zariyawati +1 more
TL;DR: In this article , the impact of the COVID-19 pandemic on firms' working capital management (WCM) and eventually, firms' performance of 4513 China and 1049 United Kingdom (UK) publicly listed firms was examined.
References
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Journal ArticleDOI
Industry costs of equity
Eugene F. Fama,Kenneth R. French +1 more
TL;DR: In this paper, the authors show that standard errors of more than 3.0% per year are typical for both the CAPM and the three-factor model of Fama and French (1993), and these large standard errors are the result of uncertainty about true factor risk premiums and imprecise estimates of the loadings of industries on the risk factors.
Journal ArticleDOI
Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
Steven N. Kaplan,Luigi Zingales +1 more
TL;DR: In this article, the authors investigated the relationship between financing constraints and investment-cash flow sensitivities by analyzing the firms identified by Fazzari, Hubbard, and Petersen as having unusually high investment cash flow sensitivity.
Econometric Analysis Of Panel Data
TL;DR: In this paper, the authors define two basic approaches to modeling unobserved effects in panel data, and extend their definitions to a model in which all parameters, not just the constant term, are heterogeneous, and describe the estimators that one would use under the two assumptions.
Posted Content
New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index
TL;DR: In this paper, the authors collected detailed qualitative information from financial filings to categorize financial constraints for a random sample of firms from 1995 to 2004, and used ordered logit models predicting constraints as a function of different quantitative factors.
Journal ArticleDOI
New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index
TL;DR: In this paper, the authors collected detailed qualitative information from financial filings to categorize financial constraints for a random sample of firms from 1995 to 2004, and used this categorization to estimate ordered logit models predicting constraints as a function of different quantitative factors.