The authors estimate the impact of increasing pay-performance sensitivity (PPS) on the sensitivity of investment to cash flow. The motivation is to provide additional evidence on the usefulness of executive compensation in reducing agency costs and on the influence of managerial incentives on the severity of financial constraints on investment. The sample period is based on compensation data for the fiscal year-ends 1993-1997, a time period characterized by strong economic growth. Because strong economic environments contribute to the ability of firms to produce cash flow, firms in this sample are more likely to show evidence of free cash flow problems and are less likely to be financially constrained. The sensitivity of investment to cash flow is found to be reduced as PPS increases. T...
...PART 952: COMMUNITY INVESTMENT CASH ADVANCE PROGRAMS. 952.1 - Definitions. As us...
Last week, I closed this column touching on one of the more successful investment themes we have employed over the past several quarters - the cash-strapped consumer. I received a response from a reader asking whether I could elaborate more on the theme and touch on one or two others. Not a problem.
NEW YORK, Dec. 9, 2010 /PRNewswire/ -- The beginning of a strong, and quicker than expected, comeback from the capital markets bolstered U.S. mergers & acquisitions (M&A) activity in 2010, according to PwC US. Despite a surprising lack of opportunities in distressed acquisitions, trends emerging in the second half of 2010 - including increased corporate M&A activity (particularly in the middle market), the availability of attractive debt financing, and stronger valuations for corporate assets - helped strengthen the U.S. deal landscape. At a macro level, PwC believes the key conditions are in place for a resurgence in deal making in 2011. (Logo: http://photos.prnewswire.com/prnh/20100917/NY66894LOGO )
Community bank balance sheets are constantly changing. Cash balances flow into and out of different accounts, new loans are made, new deposits are gathered, and securities are purchased or sold on a daily basis. To a large extent, bank financial performance is a result of the successful control of these dynamic cash flows. Indeed, from a regulatory standpoint, modern liquidity management processes should include cash-flow modeling in order to determine potential liquidity needs in different scenarios. Well-run banks will utilize a risk management approach that captures the most important aspects of cashflow analysis and gives a clear picture of risk and reward. This requires a top-down assessment which looks first at the overall balance sheet to see what sort of cash-flow volatility ...
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