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Lundi 18 Novembre 2013

The Financial Year Links | Working Capital Management and Shareholders’ Wealth


Oxford Journals / Review of finance.



We provide the first empirical study of the relationship between corporate working capital management and shareholders’ wealth.

Examining US corporations from 1990 through 2006, we find evidence that: the incremental dollar invested in net operating working capital is worth less than the incremental dollar held in cash for the average firm; the valuation of the incremental dollar invested in net operating working capital is significantly influenced by a firm’s future sales expectations, its debt load, its financial constraints, and its bankruptcy risk; and the value of the incremental dollar extended in credit to one’s customers has a greater effect on shareholders’ wealth than the incremental dollar invested in inventories for the average firm.

Read full story:
rof.oxfordjournals.org/content/early/2013/01/11/rof.rfs043



Financial Year Links by Finyear is a Finyear service on a mission to save you time and keep you smart. Our team follows the relevant news, summarize it, link to the original sources and deliver it on the Finyear website and in the daily newsletter.
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Financial Year Links by Finyear est un service Finyear dont la mission est de vous faire gagner du temps et de vous tenir informés. Notre équipe suit les actus pertinentes, les organise, créé un lien vers les sources originales et vous les communique sur le site Finyear et dans la newsletter quotidienne.
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