专业英语摘要学习

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1、1AreBrazilianFirmsSavingsSensitiveToCashWindfalls?Abstract:Oneofthemoststudiedtopicsinthecorporatefinanceliteratureistheeffectoffinancialconstraintsonfirms'investmentsdecisions.Tryingtoexplainthisissue,Almeida,CampelloandWeisbach(2003)modeledtherelationshipbetweenthefinancial

2、constraintsfacedbyfirmsandtheirdemandforliquidity.Theyshowthatifonefirmisfinancialconstrainedwemustexpectpositivecashflowsensitivityfromcashwindfalls,whileforunconstrainedfirmsthisrelationdoesnothold.Theaimofthisarticleistocheckthispropositionusingannualdataof336non-financial

3、Brazilianpublicfirms,from1993to2002.OurresultsshowthatfinancialconstrainedBrazilianfirmspresentedapositiverelationshipbetweencashflowincreasesandvariationsofcashholdings.WealsosuggestthatcreditconstraintsinBrazilaredirectlyrelatedtothesizeoffirms.2TheDeterminantsandImplicatio

4、nsofCorporateCashHoldingsAbstract:Weexaminethedeterminantsandimplicationsofholdingsofcashandmarketable"securitiesbypubliclytradedU.S.firmsinthe1971-1994period.Firmswithstronggrowth"opportunitiesandriskiercashflowsholdrelativelyhighratiosofcashtototalassets.Firms"thathavethegr

5、eatestaccesstothecapitalmarkets(e.g.largefirmsandthosewithcredit"ratings)tendtoholdlowerratiosofcashtototalassets.Theseresultsareconsistentwiththe"viewthatfirmsholdliquidassetstoensurethattheywillbeabletokeepinvestingwhencash"flowistoolowrelativetoplannedinvestmentandwhenouts

6、idefundsareexpensive.The"shortrunimpactofexcesscashoncapitalexpenditures,acquisitionspendingandpayoutsto"shareholdersissmall.Themainreasonthatfirmsexperiencelargechangesinexcesscashis"theoccurrenceofoperatinglosses.Thereisnoevidencethatriskmanagementandcash"holdingsaresubstit

7、utes.3Capital-MarketImperfectionsandInvestmentAbstract:Overthepastdecade,anumberofresearchershaveextendedconventionalmodelsofbusinessfixedinvestmenttoincorporatearoleforfinancialconstraints'indetermininginvestment.Thispaperreviewsdevelopmentsandchallengesinthisempiricalresear

8、ch,andusesadvancesinmodelsofinformationandincentiveproblemstomotivat

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《专业英语摘要学习》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库

1、1AreBrazilianFirmsSavingsSensitiveToCashWindfalls?Abstract:Oneofthemoststudiedtopicsinthecorporatefinanceliteratureistheeffectoffinancialconstraintsonfirms'investmentsdecisions.Tryingtoexplainthisissue,Almeida,CampelloandWeisbach(2003)modeledtherelationshipbetweenthefinancial

2、constraintsfacedbyfirmsandtheirdemandforliquidity.Theyshowthatifonefirmisfinancialconstrainedwemustexpectpositivecashflowsensitivityfromcashwindfalls,whileforunconstrainedfirmsthisrelationdoesnothold.Theaimofthisarticleistocheckthispropositionusingannualdataof336non-financial

3、Brazilianpublicfirms,from1993to2002.OurresultsshowthatfinancialconstrainedBrazilianfirmspresentedapositiverelationshipbetweencashflowincreasesandvariationsofcashholdings.WealsosuggestthatcreditconstraintsinBrazilaredirectlyrelatedtothesizeoffirms.2TheDeterminantsandImplicatio

4、nsofCorporateCashHoldingsAbstract:Weexaminethedeterminantsandimplicationsofholdingsofcashandmarketable"securitiesbypubliclytradedU.S.firmsinthe1971-1994period.Firmswithstronggrowth"opportunitiesandriskiercashflowsholdrelativelyhighratiosofcashtototalassets.Firms"thathavethegr

5、eatestaccesstothecapitalmarkets(e.g.largefirmsandthosewithcredit"ratings)tendtoholdlowerratiosofcashtototalassets.Theseresultsareconsistentwiththe"viewthatfirmsholdliquidassetstoensurethattheywillbeabletokeepinvestingwhencash"flowistoolowrelativetoplannedinvestmentandwhenouts

6、idefundsareexpensive.The"shortrunimpactofexcesscashoncapitalexpenditures,acquisitionspendingandpayoutsto"shareholdersissmall.Themainreasonthatfirmsexperiencelargechangesinexcesscashis"theoccurrenceofoperatinglosses.Thereisnoevidencethatriskmanagementandcash"holdingsaresubstit

7、utes.3Capital-MarketImperfectionsandInvestmentAbstract:Overthepastdecade,anumberofresearchershaveextendedconventionalmodelsofbusinessfixedinvestmenttoincorporatearoleforfinancialconstraints'indetermininginvestment.Thispaperreviewsdevelopmentsandchallengesinthisempiricalresear

8、ch,andusesadvancesinmodelsofinformationandincentiveproblemstomotivat

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