Excess Cash Flow: A Signal for Institutional and Corporate Governance - Hardcover

Dhumale, R.

Hardcover

ISBN 10: 1403900396 ISBN 13: 9781403900395

Publisher: Palgrave Macmillan, 2002

Synopsis

Economic studies which examine the financing patterns of firms, particularly in emerging markets seldom consider the market environment in which they operate. The most recent Asian financial crisis and its exposure of institutional failures in the context of financial sector liberalization show that these market conditions are vital. The positive relationship between a firms excess cash flow and investment are well known but the environment which determines retention of cash as opposed to paying dividends remains unresolved. The results of this survey suggest a framework by which future research in data collection, theoretical analysis and empirical testing may be undertaken.

About this title

About the Author

RAHUL DHUMALE is presently with the Policy and Analysis Group at the Federal Reserve Bank of New York. He has previously worked as a consultant with the World Bank, International Labour Organisation, the UNDP, and the International Monetary Fund. He holds an A.B. from Duke University, MSc. from Oxford University, and a Ph.D. from Cambridge University. Most recently, he was a member of the Faculty at Cambridge University where he taught and worked on issues related to financial regulation and corporate finance. He is presently also a Senior Fellow at the University of London.

Edition details

• Publisher: Palgrave Macmillan
• Publication date: 2002
• Language: English
• ISBN 10: 1403900396
• ISBN 13: 9781403900395
• Binding: Hardcover
• Number of pages: 234