CASH-FLOW SENSITIVITY TO PAYMENTS FOR MATERIAL RESSOURCES

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Lavinia Elena BRÎNDESCU OLARIU

2014-12-01

Full Text Available The financing decision is taken based on the expectations concerning the future cash-flows generated in the operating activity, which should provide coverage for the debt service and allow for an increase of the shareholders’ wealth. Still, the future cash-flows are affected by risk, which makes the sensitivity analysis a very important part of the decision process. The current research sets to evaluate the sensitivity of the payment capacity to variations of the payments for raw materials and consumables. The study employs 391 forecasted yearly cash-flow statements collected from 50 companies together with detailed information concerning the hypotheses of the forecasts. The results of the study allow for the establishment of benchmarks for the payment capacity’s sensitivity, the determination of the mechanisms through which the variation of payments for raw materials and consumables impacts the payment capacity, as well as the identification of the possible causes of such a variation.

Cash flow jako prvek finanční analýzy

OpenAIRE

HANZLOVÁ, Monika

2008-01-01

The cash flow report is very important for a financial management, especially from the point of monitoring liquidity of the company. Its great advantage, in comparison to a profit and loss statement, is the fact, that it eliminates effects emerging from an accounting principle. The financial analysis has a great importance too. It can show to management some signals about financial health of the company. Fundamental provisions concerning the cash flow is asserted in the prerequisites of the C...

The value relevance of direct cash flows under international financial reporting standards

OpenAIRE

Clacher, I; de Ricquebourg, AD; Hodgson, A

2013-01-01

This study examines if there has been a change in the value relevance of direct cash flow components since the adoption of International Financial Reporting Standards (IFRS) in Australia. Our results show that for both industrial and extractive firms direct cash flow statements are value relevant under Australian Generally Accepted Accounting Principles (AGAAP) and remain so after the adoption of IFRS. In addition, for industrial firms there is a significant increase in the value relevance of...

Understanding the tools for managing cash.

Science.gov (United States)

Pelfrey, S

1990-10-01

An institution's survival in the 1990s depends on its ability to generate enough cash to meet its needs. The author discusses two accounting tools, the cash budget and the statement of cash flows, that help monitor and control cash flows. By understanding the nature and impact of each report, nurse administrators can help safeguard one of their institution's scarcest resources: cash.

Risk assessment future cash flows

OpenAIRE

Chachina H. G.

2012-01-01

This article is about risk assessment in planning future cash flows. Discount rate in DCF-model must include four factors: risk cash flow, inflation, value of investments, turnover assets. This has an influence net present value cash flow and make his incomparable.

Hedging Cash Flows from Commodity Processing

OpenAIRE

Dahlgran, Roger A.

2005-01-01

Agribusinesses make long-term plant-investment decisions based on discounted cash flow. It is therefore incongruous for an agribusiness firm to use cash flow as a plant-investment criterion and then to completely discard cash flow in favor of batch profits as an operating objective. This paper assumes that cash flow and its stability is important to commodity processors and examines methods for hedging cash flows under continuous processing. Its objectives are (a) to determine how standard he...

A Conceptual Framework for the Indirect Method of Reporting Net Cash Flow from Operating Activities

Science.gov (United States)

Wang, Ting J.

2010-01-01

This paper describes the fundamental concept of the reconciliation behind the indirect method of the statement of cash flows. A conceptual framework is presented to demonstrate how accrual and cash-basis accounting methods relate to each other and to illustrate the concept of reconciling these two accounting methods. The conceptual framework…

International Harmonisation Of Accounting Standards: The Case For A Mandatory Requirement For The Direct Method Of Reporting Operating Cash Flows

OpenAIRE

Christine Yap

2011-01-01

Even though standard setters have now embraced cash flow statements there remains ambivalence as to the best format (i.e. direct or indirect method) for disclosing cash flow from operations. In 1987 the FASB asserted that information about the gross amounts of cash receipts and cash payments is more relevant than information about the net amounts of cash receipts and payments. Yet apart from Australia and New Zealand, most standard setting bodies, including the International Accounting Standa...

Which cost of debt should be used in forecasting cash flows?

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Ignacio Vélez–Pareja

2009-04-01

Full Text Available Frequently, analysts and teachers use the capitalized rate of interest for the cost of debt when forecasting and discounting cash flows. Others estimate the interest payments when forecasting annual financial statements or cash flows based on the average of debt calculated with the beginning and ending balance. Others use the end of year convention that calculates the yearly interest multiplying the beginning balance times its contractual cost. The use of one or other methods is critical for the definition of the tax savings. These approaches are illustrated with examples and the differences in using them. A simple proposal to solve the problem is presented.

Assets Expropriation via Cash Dividends? Free Cash Flow or Tunneling

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Jeng-Ren Chiou

2010-06-01

Full Text Available This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership control than those of firms with higher ownership control. This is more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow hypothesis better explains firms' dividend policy. Investors value more the cash dividends of firms with fewer investment opportunities and higher probability of expropriation. This study indicates that investors are concerned with the potential asset expropriation through cash payouts, unless firms possess high growth opportunities.

APROACHING THE ECONOMIC DIMENSION OF SUSTAINABLE DEVELOPMENT FROM A FINANCIAL PERSPECTIVE: A CASE STUDY REGARDING CASH - FLOW ANALYSIS AND THE RELATIONSIPS BETWEEN CASH - FLOW AND NET INCOME

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Diana Elena Vasiu

2014-10-01

Full Text Available Europe 2020, a strategy for smart, sustainable and inclusive growth stresses the necessity of smart, sustainable and inclusive growth. The objectives of a sustainable economic development include sustaining economic growth, maximizing private profits and expanding markets. Considering this, economic development must based on facts, not on papers. Therefore, considering the economic dimension of sustainable development, it is important to establish if Romanian companies listed and traded on Bucharest Stock Exchange are able to obtain profit while cash is withdrawn. Even if reported in the income statement, net profit is not simultaneously charged due to accrual accounting that makes the balance sheet provide a static picture of the financial position, while the cash flow statement provides a dynamic picture of it. Therefore, the financial performance analysis based on classical indicators of performance must be accompanied by the analysis of treasury, namely of the cash flow, which provides a comprehensive assessment possibility of the financial performance, flexibility and adaptability of the economic entity, in the context of a highly competitive and often unstable environment. A positive net flows is a confirmation of the economic success of the company representing the concrete expression of the net profit and other pecuniary accumulations, interpreted as the real self-financing investment capacity, which would lead to the real asset growth and thus to the increase of the owners' wealth.

Cash flow is cash and is a fact. Net income is just an opinion

OpenAIRE

Fernandez, Pablo

2006-01-01

A company's profit after tax (or net income) is quite an arbitrary figure, obtained after assuming certain accounting hypotheses regarding expenses and revenues. On the other hand, its cash flow is an objective measure, a single figure that is not subject to any personal criterion. In general, to study a company's situation, it is more useful to operate with the cash flow (equity cash flow, free cash flow or capital cash flow) as it is a single figure, while the net income is one of several t...

Financial Development and Investment-Cash Flow Sensitivity

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Jungwon Suh

2007-06-01

Full Text Available Using firm-level data from thirty-five countries around the world, this paper empirically examines whether investment-cash flow sensitivity reflects financial constraints. Recent US studies have raised questions on the prediction that investment-cash flow sensitivity is a measure of financial constraints. Looking at thirty-five countries with varying degrees of financial development, this study tests whether investment-cash flow sensitivity is in fact related to financial constraints. In most countries, the evidence supporting the argument that firms likely facing financially constraints display high investment-cash flow sensitivity is weak. Moreover, the evidence that firms in the absence of developed financial markets display high investment-cash flow sensitivity is also weak. Overall, the results from this international investigation do not support the prediction that investment-cash flow sensitivity reflects financial constraints.

Net Income, Book Value and Cash Flows: The Value Relevance in Jordanian Economic Sectors

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DHIAA SHAMKI

2013-07-01

Full Text Available This paper examines the value relevance of financial statements variables namely net income, book value and cash flows simultaneously relative to Jordanian services and industrial firms for the period from 2000 to 2009. The main findings of this paper are three- dimensional. First, net income is value relevant, while book value and cash flows are irrelevant. Second, net income is more value relevant than book value and cash flows in both sectors. Third, this value relevance is greater in services sector than in industrial sector. The study shows that net income assist more in explaining market values in Jordanian services and industrial firms. Since research on the value relevance of these variables has neglected Jordan (and the Middle Eastern region, the study tries to fill this practical gap. The study is the first in Jordan that examines the value relevance of net income, book value and cash flows simultaneously and compares this value relevance according to Amman Stock Exchange sectors in one study in Jordan.

Equivalence of ten different discounted cash flow valuation methods

OpenAIRE

Fernandez, Pablo

2004-01-01

This paper shows that ten methods of company valuation using discounted cash flows (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality using the same assumptions; t...

Reading and understanding financial statements.

Science.gov (United States)

White, Joseph P

2005-01-01

Feeling comfortable reading and understanding financial statements is critical to the success of healthcare executives and physicians involved in management. Businesses use three primary financial statements: a balance sheet represents the equation, Assets = Liabilities + Equity; an income statement represents the equation, Revenues - Expenses = Net Income; a statement of cash flows reports all sources and uses of cash during the represented period. The balance sheet expresses financial indicators at one particular moment in time, whereas the income statement and the statement of cash flows show activity that occurred over a stretch of time. Additional information is disclosed in attached footnotes and other supplementary materials. There are two ways to prepare financial statements. Cash-basis accounting recognizes revenue when it is received and expenses when they are paid. Accrual-basis accounting recognizes revenue when it is earned and expenses when they are incurred. Although cash-basis is acceptable, periodically using the accrual method reveals important information about receivables and liabilities that could otherwise remain hidden. Become more engaged with your financial statements by spending time reading them, tracking key performance indicators, and asking accountants and financial advisors questions. This will help you better understand your business and build a successful future.

Pengaruh Agency Cost of Free Cash Flow Terhadap Tingkat Konservatisme dan Pengujian Efek Moderasi Kebijakan Hutang, Pendistribusian Kas, Persistensi Kas, dan Tata Kelola Perusahaan

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Hendro Hendro

2015-01-01

Full Text Available This research investigates whether the J-type firm (high agency cost of free cash flow provide more conservative financial statements than non J-type firm. Besides, this research also aim to examine the moderating effects of debt, dividend, stock repurchase, cash persistency, and corporate governance on the relationship between the level of agency cost of free cash flow and conservatism level of financial statements. This research uses two measurement of conservatism, namely accrual conservatism and market value conservatism. Research sample includes manufacturing companies listed in the Indonesian Stock Exchange for the year 2007, 2008 and 2010. The result proves that there is a positive and significant relationship between the level of agency cost of free cash flow and the two measurement of conservatism level of financial stataments. However, this research shows that there is no effect of the moderating variables on that relationship.

48 CFR 232.072-3 - Cash flow forecasts.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Cash flow forecasts. 232..., DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 232.072-3 Cash flow forecasts. (a... contractor to submit a cash flow forecast covering the duration of the contract. (b) A contractor's inability...

Cash flow optimization in industrial enterprise

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Myznikova T.N.

2017-01-01

Full Text Available Optimization of cash flows of the industrial company provides economic entity necessity and sufficiency of financial resources for sustainable activities. Cash optimization techniques are grouped into two blocks: theoretical - is mainly foreign methods and applied techniques that are mostly used by Russian authors. Models described in the literature are not allowed for the particular industry in the formation of cash. The mathematical models described in the literature do not allow to take into account industry characteristics in the formation of funds. The proposed methodology by authors allows to predict cash amounts based on business company. The balance of cash flows is provided by the budgeting system. The company’s the released money can send funds for investment purposes. Effectiveness of confirmed by practical testing methodology on the existing machine-building enterprise.

17 CFR 210.3-03 - Instructions to income statement requirements.

Science.gov (United States)

2010-04-01

... Financial Statements § 210.3-03 Instructions to income statement requirements. (a) The statements required... businesses, it may at its option include statements of income and cash flows (which may be unaudited) for the... statements of income and cash flows for the interim periods specified. (c) If a period or periods reported on...

Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

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Odd A. Asbjørnsen

1983-10-01

Full Text Available The net present value of a discounted cash flow is used to evaluate projects. It is shown that the LaPlace transform of the cash flow time function is particularly useful when the cash flow profiles may be approximately described by ordinary linear differential equations in time. However, real cash flows are stochastic variables due to the stochastic nature of the disturbances during production.

Demonstração dos fluxos de caixa: uma contribuição para a evidenciação contábil Statement of cash flows: a contribution to accounting disclosure

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Hudson Fernandes Amaral

2003-01-01

Full Text Available Existe uma tendência mundial visando a padronização de procedimentos contábeis, no intuito de possibilitar uma maior interação das empresas, dos investidores e do mercado de capitais em função do fenômeno da globalização. Para tanto, serão necessárias as harmonizações das normas contábeis, bem como o estudo de quais Demonstrativos são realmente importantes para o processo de evidenciação. Uma dessas tendências é a substituição da demonstração das origens e aplicações de recursos (DOAR pela demonstração dos fluxos de caixa (DFC. Essa substituição, via de regra, deve-se à dificuldade que usuários menos afeitos à Contabilidade têm em entender aquela demonstração. No Brasil, já existe um anteprojeto de lei tramitando no Congresso Nacional, que propõe a substituição da DOAR pela DFC, a partir da reformulação da Lei n. 6.404/76 - Lei das Sociedades Anônimas. Dessa maneira, procura-se com este estudo verificar as contribuições que a elaboração e divulgação da DFC pode trazer para a evidenciação contábil.There is a worldwide tendency aiming to standardise accounting procedures in order to make bigger companies, investors and capital market interaction possible in the entire world according to the globalisation phenomenon. For that, the harmonisation of Accounting Standards, as well as the study of which Statements are really important for the process of disclosure will be necessary. One of these tendencies is the substitution of the Statement of Changes in Financial Position by the Statement of Cash Flows. This substitution, as a rule, is due to the difficulty that some groups of users have to understand that statement. In Brazil, there's already a pre-project of law in course at the National Congress, which proposes the substitution of Statement of Changes in Financial Position by Statement of Cash Flows from the revision of the law n. 6 404/74 - the Incorporated Company Law. In this way, this study

Cash flow forecast for South African firms

OpenAIRE

Li, Yun; Moutinho, Luiz; Opong, Kwaku K.; Pang, Yang

2015-01-01

This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA an...

Cash flow forecast for South African firms

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Yun Li

2015-06-01

Full Text Available This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA and Australia. Inclusion of more explanatory variables does not necessarily improve the models, according to the out-of-sample results. The paper proposes the application of moving average model in panel data, and vector regressive model for multi-period-ahead prediction of cash flows for South Africa firms.

ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

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MELANIA ELENA MICULEAC

2012-01-01

Full Text Available In order to reach the objective of supplying some relevant information regarding the liquidity inflows and outflows during a financial exercise, the total cash flow analysis must include the analysis of result cashable from operation, of payments and receipts related to the investment and of financing decisions of the last exercise, as well as the analysis of treasury variation (of cash items. The management of total cash flows ensures the correlation of current liquidness flows as consequence of receipts with the payments ’flows, in order to provide payment continuity of mature obligations.

Management of Agricultural Enterprise Cash Flows

OpenAIRE

Tamara Kucherenko; Inna Tkachuk

2014-01-01

Cash is the only kind of company resource which can be transformed directly and with minimum time lag into any other kind of resources, their movement servicing all management operational processes. The article is covers the development of cash management algorithm in agricultural enterprise. The author has worked out the algorithm for determining the efficiency of cash management in agricultural enterprise. As the basis of the algorithm the income approach and discounted cash flow method has...

Valuing companies by cash flow discounting: Ten methods and nine theories

OpenAIRE

Fernández , Pablo

2002-01-01

This paper is a summarized compendium of all the methods and theories on company valuation using cash flow discounting. The paper shows the ten most commonly used methods for valuing companies by cash flow discounting: 1) free cash flow discounted at the WACC; 2) equity cash flows discounted at the required return to equity; 3) capital cash flows discounted at the WACC before tax; 4) APV (Adjusted Present Value); 5) the business's risk-adjusted free cash flows discounted at the required retur...

Rio 2016 financial statements

OpenAIRE

2015-01-01

These documents include the report from independent auditors balance sheet, the statement of income, the statement of changes in equity, the statement of cash flows and the explanatory notes to the financial statements.

Cash Flow Forecasting : Proposal for New Long-Term Cash Flow Forecast in the Case Company

OpenAIRE

Pitkänen, Annika

2016-01-01

The purpose of this study was to develop a cash flow forecast model for the case company. The case company in this thesis was a Finnish building construction company. The group controlling set a target to improve the corporate treasury’s current long-term cash flow forecast because it was inaccurate and it often had outstanding deficiencies between actual and forecasted figures. A project team was set up to investigate on this issue and this research and development project is documented in t...

Equivalence of ten different methods for valuing companies by cash flow discounting.

OpenAIRE

Fernandez, Pablo

2003-01-01

This paper shows that ten methods of company valuation using cash flow discounting (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality based upon the same assumptio...

PENGARUH EARNINGS, OPERATING CASH FLOW DAN ASSET GROWTH TERHADAP STOCK RETURN PERUSAHAAN YANG TERDAFTAR PADA INDEKS LQ 45 UNTUK PERIODE 2009-2011

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Yulius ,

2017-02-01

Full Text Available The objective of this research is to test the impact of earnings, operating cash flow and asset growth to firm’s stock return which listed in LQ 45 index in Indonesian for 2009-2011. The result of this research is earnings, operating cash flow and asset growth have not significant effect to stock return both when those variabels is tested separately or silmutaneously. This result show that earnings, operating cash flow and asset growth are not only the one to be the basis of consideration for investor to make investment to get the stock return. Therefore, for making investment, investor should consider other factors which effect the firm’s stock return as macro economics and politics. Furthermore, from this result, be expected an improvement of quality financial statement which addopted IFRS. Keyword: Earnings, Operating Cash Flow, Asset Growth, Stock Return.

Growth Opportunities, Earnings Permanence and the Valuation of Free Cash Flow

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Ahsan Habib

2011-12-01

Full Text Available This paper examines empirically the effect of firm growth opportunities and earnings quality on the market valuation of free cash flow, defined as the difference between operating cash flows and capital expenditures. Equity valuation theory prescribes that free cash flow should not be associated with stock returns because itdoes not add value. However, free cash flow could become a value-relevant construct in certain contexts. This study considers growth opportunities and transitory earnings as two such contexts and examines the valuation of free cash flow. An accounting-based valuation framework is developed where stock returns are regressed onfree cash flow interacted with growth and earnings quality proxies, after controlling for book values, dividends, and current earnings realisations. Findings reveal that firms with a positive free cash flow and attractive growth opportunities command a valuation premium. Furthermore, free cash flow is found to be positively associatedwith stock returns when earnings are transitory. The results are robust to alternative definitions of both free cash flow and growth opportunities.

A tax proposal for a cash flow corporate tax

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Lourdes Jerez Barroso

2013-12-01

Full Text Available Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the accounting documents that companies must present and through which the stock variables and the accounting documents’ work flow is transformed into cash flow.Findings: An implementation on the basis of the accounting documents that Spanish companies must present. Practical Implications: This paper defines the procedure to follow in order to determine the tax base of a cash flow corporate income tax on the basis of its accounts, which would allow an estimation of this tax figure’s revenue impact.Originality/ Value: The design of a tax base of cash flows for companies. The accounting approximation carried out to determine the cash flows justifies the fact that the tax base proposal is technically possible.

Developing a planning model to estimate future cash flows.

Science.gov (United States)

Barenbaum, L; Monahan, T F

1988-03-01

Financial managers are discovering that net income and other traditional measures of cash flow may not provide them with the flexibility needed for comprehensive internal planning and control. By using a discretionary cash flow model, financial managers have a forecasting tool that can help them measure anticipated cash flows, and make better decisions concerning financing alternatives, capital expansion, and performance appraisal.

Forecasting of cash flow from an enterprise’s principal activities

OpenAIRE

Kanapickienė, Rasa; Šlekienė, Vaida

2008-01-01

The article deals with the forecasting of a cash flow from primary activities of an enterprise. Different mathematical methods are applied to forecast cash flow. Cash flow forecasts are often introduced in the project of the enterprise budget. Some scientific sources state that it is possible to forecast cash flow from primary activities of an enterprise according to its historical financial data by the means of regression analysis. These sources suggest various models of regression analysis ...

Cash flow forecasting model for nuclear power projects

International Nuclear Information System (INIS)

Liu Wei; Guo Jilin

2002-01-01

Cash flow forecasting is very important for owners and contractors of nuclear power projects to arrange the capital and to decrease the capital cost. The factors related to contractor cash flow forecasting are analyzed and a cash flow forecasting model is presented which is suitable for both contractors and owners. The model is efficiently solved using a cost-schedule data integration scheme described. A program is developed based on the model and verified with real project data. The result indicates that the model is efficient and effective

Effects of Long Cycles in Cash Flows on Present Value

OpenAIRE

Bell, Peter N

2015-01-01

This paper explores how present value varies over time when the underlying cash flow has a deterministic period. I assume that cash flows are known with certainty and follow a cycle with a long or short period. When the cash flow has a short period, the present value is relatively stable over time because the present value calculation smooths out several cycles. However, when the cash flow has a long period the present value itself develops a long and large cycle. These results are driven...

Monitoring of Shadow Cash Flows Using Computer Modelling

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Evgeniya Vladimirovna Baturina

2018-03-01

Full Text Available The computer simulation of economic systems is a promising tool in the development of the theory of the country’s economic security. We have examined the Russian banking legislation and synthesized judicial economic expertise. This has allowed to develop an algorithm for the investigation of the marker pattern of shadow cash flows. The authors’ algorithm of marker monitoring of cash flow consists of the following sequences. Firstly, we set the time of the first receipt of money and the first withdrawals. Secondly, we compare cash balance of an organization at the beginning of the period with the first withdrawals. Thirdly, under the given condition, the minimum value of interested money flow in these withdrawals is calculated. This value is characterized by the marker parameters and forms a table containing data on the cash flow, recipients and payers, spheres of their activity. And last, on the basis of this table, we build a graph of relationships between the subjects of the shadow economy. The graph’s vertices represent these subjects. The visual representation of the graph is a marker pattern of shadow cash flow. The practical importance of this algorithm is due to its applicability in the investigation of economic crimes both at the stage of intelligence operations, and when obtaining proofs of the brought criminal cases in the form of the conclusions of expertseconomists. In addition, marker patterns of shadow cash flows can describe the state of the shadow economy of a region as a whole including its dynamics. This expands its parameterization. The created database of the shadow flows of the economy can be also useful for the scientific community. On the basis of the received results, we have developed management decisions to create and administer the information resource of the Bank of Russia “Shadow economy of a region”. This information resource ensures tracking the marker trace of cash flow in the bank environment by the

Cash Management, Revenue Sources and Cost Effective Methods of Revenue Collection at Local Government Level

OpenAIRE

Mustapha Gimba Kumshe; Kagu Bukar

2013-01-01

The main objective of this paper was to focus on the elements, objectives, goals and importance of cash management; and also to examine the sources of revenue and cost effective collections for local governments. The elements of cash management are identified as establishing bank relations, preparing cash flow statements, estimating collection receipts and analyzing cash flow and preparing a budget. Amongst the objectives of cash management is to ensure availability of cash resources at all t...

FREE CASH FLOW AS PART OF VOLUNTARY REPORTING. LITERATURE REVIEW

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Negrea Laura Georgeta

2011-12-01

Full Text Available The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, 'Cash Flow is King', while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy. In this context, voluntary additional reporting, like free cash flow may come either as an aid in providing the fair view or as an opportunistically reported figure. Throughout the paper, the intention was to provide answers to three main research questions: What are the definition and calculation method of free cash flow? Why is there an interest in free cash flow reporting? What is the impact of free cash flow on the agency theory? In order to provide relevant conclusions, four international data basis were used, and related articles and studies were extracted. The results proved that there is no generally accepted definition and computing method, while the format depends on the end-user of the report (shareholders, investors, analysts, bankers, a.s.o.. As stated below, this aspect generates confusion and lack of comparability, giving room to creative accounting techniques. Moreover, the interest on free cash flow reporting is connected mainly to liquidity assessment, company valuation and investors choice. Still, in the context of agency theory, results show that in presence of high free cash flow, managers tend to make investment choices that satisfy their personal interest and that generate low efficiency and profitability for the company. The contribution to current state of research is providing a literature review study, focused on a comparative approach, as well as on underlying an objective image upon a debatable financial indicator and

Get the Most from Your Cash Flow.

Science.gov (United States)

Bauer, Richard I.

1995-01-01

Provides guidelines for overseeing a school district's cash-flow management program: (1) receipts into cash; (2) types of float; (3) concentration account or controlled-disbursement account; (4) bank-account analysis; and (5) safety. One figure is included. (LMI)

A study on relationship between market share and cash flow policy

OpenAIRE

Somayeh Sadeghi Moghaddam; Fateme Zabihi

2014-01-01

This paper presents an empirical investigation to study the relationship between cash flow and market share on selected firms from Tehran Stock Exchange over the period 2007-2011. Using regression analysis, the study has detected a positive and meaningful relationship between cash flow on one side and three other investment opportunities, firm size and operating cash flow. In addition, there is a negative and meaningful relationship between leverage and cash flow. However, the study does not ...

An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

OpenAIRE

Roghayeh Ahmdi Panah Banad Koki; Iman Jokar

2014-01-01

This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also perf...

The Cash Flow Budget. Part II--Implementation

Science.gov (United States)

Gehm, Rudy

1978-01-01

An "aged accounts payable" (A/P) summary and a cash disbursements journal are advocated as management measures useful in monitoring the cash flow in a college store. Methods for maintaining the A/P summary and for updating the journal are illustrated. (LBH)

Something for Nothing: Cash Flow as a Contract Incentive

Science.gov (United States)

2016-03-01

mented, delays our ability to recover a significant amount of costs incurred on a contract and thus affects the timing of our cash flows. Northrop...Defense AT&L: March-April 2016 16 Something for Nothing “ Cash Flow” as a Contract Incentive John Pritchard n John Krieger Pritchard and...The government actually has complete control over one of the strongest con-tract incentives possible— cash flow. Most important, in our fiscally

Fourteen Steps to More Effective Cash Flow Management

Science.gov (United States)

Neugebauer, Roger

2004-01-01

Managing cash flow is an incredibly important skill for a center director. Even a center with an annual budget showing a healthy surplus may experience brief periods where funds in the checkbook are insufficient to pay all the bills. To discover how successful directors manage cash flow in tight times, the author surveyed members of the "Exchange…

7 CFR 3052.310 - Financial statements.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Financial statements. 3052.310 Section 3052.310....310 Financial statements. (a) Financial statements. The auditee shall prepare financial statements... appropriate, cash flows for the fiscal year audited. The financial statements shall be for the same...

Factors affecting the different results in terms of acceptance and refusal of free cash flow to equity and free cash flow to firm in investment decisions on a project

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Hasan Bal

2010-03-01

Full Text Available Decisions on whether investment projects will be invested are based on such methods as net present value and internal rate of return. These methods focus on net cash flows that will be provided throughout the economic life from the investment. In determining the cash flows there are the methods of free cash flow to firm and free cash flow to equity. In the evaluation of an investment project, each method finds the net present value with a different result. It is such that concerning some projects, while one method finds a positive net present value; the other method can find a negative net present value. This study sets out to examine the factors affecting the conflicting points of the each method, free cash flow to equity and free cash flow to firm, in the acceptance of an investment project.

Effects of Organisational Characteristics on Contractors’ Construction Cash Flow Forecasting Capabilities

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Muhammad Abdullahi

2017-01-01

Full Text Available Inadequate cash resources resulting from poor cash flows have been among the fundamental causes of construction project failures. Despite the panoply of cash flow forecasting (CFF tools, the cash flow performance of many construction firms have been reported to be poor due weak Cash flow forecasting (CFF process capabilities influenced by a couple of organisational characteristics. Although these organisational characteristics have been reported to significantly influence firms’ CFF process capabilities, the underlying mechanisms of how these organisational features and characteristics exhibit their specific influences on the cash flow forecasting capabilities of construction firms still remains underexplored. Therefore, this study aims at empirically exploring the influence of some organisation characteristics on the CFF process capabilities of construction firms. Best practices in CFF identified from the Royal Institute of Chartered Surveyors (RICS Cash Flow Forecasting (CFF guide were used to develop an assessment criteria used to assess the CFF capabilities of construction firms. The assessment was conducted through a questionnaire survey involving contracting organisations involved in both building and civil engineering works in Nigeria. The key best practices in CFF were ranked based on arithmetic mean value scores and averages were also determined for each of the four CFF components assessed (Knowledge and understanding CFF concepts and principles, Practical application, Practical considerations, and other Managerial issues. Hierarchical regression analysis was then used to examine the relationships between contractors’’ CFF process capabilities and some organisational characteristics. Results of the study reveals that organisational characteristics are strongly associated to firms’ abilities to prudently manage cash flows. The results of this study could serve as a basis for the strategic planning and improvement of Cash Flow

Does Operational Risk Disclosure Quality Increase Operating Cash Flows?

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Haitham Nobanee

2017-12-01

Full Text Available This study aims to measure the degree of operational risk disclosure and examine its impact on operating cash flow of banks listed on the UAE Abu Dhabi Stock Exchange (ADX and Dubai Financial Market (DFM during the period 2003-2016. The authors conducted content analysis of the annual reports to measure the degree of operational risk disclosure. In addition, they used dynamic panel data regressions to analyze the impact of operational risk disclosure on the operating cash flow generated by the banks. The results show a low degree of operational risk disclosure for all UAE banks, both Islamic and conventional. In addition, the results show no association between the levels of disclosure of operational risk and cash flow for all banks, conventional and Islamic. Operational risk disclosure of Islamic banks has not been examined by any prior researchers. In addition, this paper examines the potential impact of operational risk disclosure on the operating cash flow generated by the banks.

An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

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Roghayeh Ahmdi Panah Banad Koki

2014-03-01

Full Text Available This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also performs an investigation on discretionary accrual and finds that the firms with higher accruals maintain lower return compared with firms with lower return. This means there is a clear evidence of discretionary accruals on Tehran Stock Exchange.

Financial Statements Analysis

OpenAIRE

Tănase Alin-Eliodor

2014-01-01

This article focuses on analyzing of a consolidated financial statements of a hypothetically SME. The interpretation of the financial position and performances is based on the more than 40 financial key ratios computed by using financial data from consolidated income statement, consolidated financial position and cash flow. However additional data from notes to financial statements are provided.

The cash-flow analysis of the firm

OpenAIRE

Mariana Man

2001-01-01

The analysis of economic and financial indicators of the firm regards the profit and loss account analysis and the balance sheet analysis. The cash-flow from operating activities represents the amount of cash obtained by a firm from selling goods and services after deducting the costs involved by raw materials, materials and processenig operations

Valuation of Index-Linked Cash Flows in a Heath–Jarrow–Morton Framework

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Jonas Alm

2015-09-01

Full Text Available In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims inflation, i.e., an increase in claims cost per sold insurance contract. We focus primarily on the case when a deep and liquid market for index-linked contracts is absent or when the market price data are unreliable. Firstly, we present an approach for assigning a monetary value to a stochastic cash flow that does not require full knowledge of the joint dynamics of the cash flow and the term structure of interest rates. Secondly, we investigate in detail model selection, estimation and validation in a Heath–Jarrow–Morton framework. Finally, we analyze the effects of model uncertainty on the valuation of the cash flows and how forecasts of cash flows and interest rates translate into model parameters and affect the valuation.

The impact of net value added on predicting the earnings and operating cash flow: An empirical study based on Tehran Stock Exchange

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Omid Imani Khoshkhoo

2013-12-01

Full Text Available Information content of earnings and its components and other issues except the earnings such as the operating cash flow (OCF have been tested widely in the accounting and finance literature. Since they have had an essential role in most cases including financial reporting, contracts and evaluation models, specifying the items and financial variables that have had a significant relationship with these two variables are expected to be of utmost importance. One example of these variables and indicators is the value added. Although this variable has an economic concept, reporting of value added to the beneficiaries of business entity as the value-added statement has been observed in the field of accounting theories for many years. The main objective of this study was to investigate the effect of net value added (NVA as the basic result of value-added statement in predicting the accounting earnings and operating cash flow. For this purpose, the relationship of changes in net value added with the changes in accounting earnings and operating cash flow of listed companies in Tehran Stock Exchange from 2007 to 2011 was tested. Firstly the Single variable cross-sectional regression was analyzed and then the panel data analysis with the PLS technique was used to do a pooled analysis. The results of testing research hypothesis imply the significant relationship between changes in net value added and accounting earnings in the listed companies as cross-sectional and pooled forms. The results showed no significant relationship between changes in net value added and operating cash flow in the listed companies neither in cross-sectional nor pooled form.

A study on relationship among free cash flow, firm value and investors’ cautiousness: Evidence from Tehran Stock Exchange

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Hassan Ghodrati

2014-09-01

Full Text Available Financial statements as well as financial standards are always considered as primary sources for getting rich information of firms. The standards are normally divided in two categories of economic and accounting and each of these standards shows one of the specifications of the company and has its own advantageous and disadvantageous. There are different standards, which are used for firm assessment. Therefore, a company with more gained prominences has more change to succeed in attracting credits and financing from the capital market. Under such circumstances, such a company can attract more finance and it can be sold sooner on the stock exchange. This paper tries to investigate on the free cash flow as an effective factor in specifying the real value of the business enterprises on 56 selected firms from Tehran Stock Exchange. The results of this study have disclosed that, there was a direct and meaningful relationship between free cash flow of the business enterprises and their real values. Second, the real values of the business enterprises are more than their predicted values. Finally, the predicted value of the business enterprises on the basis of the free cash flow is more than their market value.

Dividend growth, cash flow, and discount rate news

OpenAIRE

Garrett, Ian; Priestley, Richard

2012-01-01

This is the authors’ accepted and refereed manuscript to the article. Publishers web site http://journals.cambridge.org/ Using a new variable based on a model of dividend smoothing, we find that dividend growth is highly predictable and that cash flow news contributes importantly to return variability. Cash flow betas derived from this predictability are central to explaining the size effect in the cross section of returns. However, they do not explain the value effect; this is explained b...

Analysis of cash flow ratios: A study on CMC

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Somnath Das

2018-01-01

Full Text Available Cash flow ratios help financial users get relevant information about financial resources for a given time. Cash flow ratios are now used more than the traditional ones because it is more effective and justified. Cash flow based ratios are especially surprising because they do not only play a significant role in the credit rating of evaluation, but also forecast the failure of a corporation. In this study, we perform an empirical investigation on a company named CMC. From the study, it is clear that the liquidity and solvency positions of the company were moderate whereas the company maintained low profitability. On the other hand, the efficiency and sufficiency ratios of the study give us a new look on financial judgement.

A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

NARCIS (Netherlands)

M.M. Akalu; J.R. Turner (Rodney)

2002-01-01

textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got

Pengaruh Free Cash Flow Dan Kualitas Audit Terhadap Manajemen Laba

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Dian Agustia

2013-04-01

Full Text Available Asymmetric information refers to a situation where one party has more information than the other party. The agency problems arise from asymmetric information in the principal agent contracts. In addition, there are also several factors that could affect earnings management that is free cash flow and audit quality. The aim of this research is to provide empirical evidence about the impact of free cash flow and audit quality variables on discretionary accruals, as a measure of Earnings Management with the control variables company’s size. This research used 103 manufacturing companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluced that the variable independent free cash flow have a negative and significant effect on earning management. It means that companies with high free cash flow will restrict the practice of earnings management. While the audit quality no significance effect on earning management.

The marginal value of cash, cash flow sensitivities, and bank-finance shocks in nonlisted firms

OpenAIRE

Ostergaard, Charlotte; Sasson, Amir; Sørensen, Bent E

2011-01-01

We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external finance on the margin. Linking firms to their main bank, we find that shocks to bank finance affect firms' trade-offs and have real effects in high-MVC firms, making investment more sensitiv...

Cash budgeting: an underutilized resource management tool in not-for-profit health care entities.

Science.gov (United States)

Hauser, R C; Edwards, D E; Edwards, J T

1991-01-01

Cash budgeting is generally considered to be an important part of resource management in all businesses. However, respondents to a survey of not-for-profit health care entities revealed that some 40 percent of the participants do not currently prepare cash budgets. Where budgeting occurred, the cash forecasts covered various time frames, and distribution of the document was inconsistent. Most budgets presented cash receipts and disbursements according to operating, investing, and financing activities--a format consistent with the year-end cash flow statement. By routinely preparing monthly cash budgets, the not-for-profit health care entity can project cash inflow/outflow or position with anticipated cash insufficiencies and surpluses. The budget should be compared each month to actual results to evaluate performance. The magnitude and timing of cash flows is much too critical to be left to chance.

A tax proposal for a cash flow corporate tax

OpenAIRE

Lourdes Jerez Barroso; Joaquín Texeira Quirós

2013-01-01

Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the...

A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

OpenAIRE

Mehari Mekonnen Akalu; Rodney Turner

2002-01-01

textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got higher forecast errors as compared to SVA model.

Do analysts disclose cash flow forecasts with earnings estimates when earnings quality is low?

OpenAIRE

Bilinski, P.

2014-01-01

Cash flows are incrementally useful to earnings in security valuation mainly when earnings quality is low. This suggests that when earnings quality decreases, analysts will be more likely to supplement their earnings forecasts with cash flow estimates. Contrary to this prediction, we find that analysts do not disclose cash flow forecasts when the quality of earnings is low. This is because cash flow forecast accuracy depends on the accuracy of the accrual estimates and the precision of accrua...

PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

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Jurica Lucyanda

2012-12-01

Full Text Available Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009. Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhadap pembagian dividen adalah free cash flow, kepemilikan institusional, dan ukuran perusahaan. Jumlah free cash flow perusahaan yang tinggi, persentase kepemilikan institusional yang rendah, dan ukuran perusahaan yang besar akan menghasilkan dividend payout ratio yang tinggi. Variabel kepemilikan keluarga, kepemilikan asing, kebijakan utang, dan kesempatan investasi tidak terbukti mempunyai pengaruh yang signifikan terhadap Dividend Payout Ratio perusahaan.This study aims at testing the effect of free cash flow and ownership structure on the dividend payout ratio of non-financial companies, listed on the Indonesia Stock Exchange. Multiple regression was employed to analyze data. The study collected empirical data from the Indonesia Stock Exchange consisting of 70 companies. The data were collected from financial report from three consecutive years (2007-2009. The finding indicates that the variables which have a significant effect on the dividend payout ratio are free cash flow, institutional ownership, and firm size. The high free cash flow,  the low percentage of institutional ownership, and the large size companies will produce high dividends. The variable of family ownership, foreign ownership, debt policy, and investment opportunities do not significantly effect corporate dividend payout ratio.

Strategic Management Accounting in Organizations’ Cash Flow Control

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Y. P. Vetrov

2017-09-01

Full Text Available The article deals with the various interpretations of the term "strategic management accounting". The role and importance of strategic management accounting in the organization’s cash flows control are investigated. The accounting and analytical models of strategic management accounting are analyzed. The territorial scope of this article covers the Russian Federation. The study concludes that the system of assessment parameters of organization’s financial condition should cover all its aspects, namely, financial sustainability, solvency, liquidity and business activity. Hence, strategic management accounting of cash flows makes it possible to correctly set information base to monitor financial flows of a company which responds the tends of market economy and allows to make optimal management decisions.

Cross section of equity returns and assets’ fundamental cash-flow risk

NARCIS (Netherlands)

Galsband, V.

2010-01-01

The decomposition of consumption beta into a component driven by assets' cash-flow news and one related to assets' discount-rate news reveals that macroeconomic risks embodied in cash flows largely account for the cross-sectional dynamics of average stock returns. Empirically, we find that

The Cash Flow as Financial Management Tool For Small Businesses

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Osmar Siena

2015-06-01

Full Text Available This study is engaged on the axis of Financial Management, with research into the factors controlling corporation in small business finance. It has as main objective to analyze the cash flow tool as a tool for financial management and specific process to describe the use of the Cash Flow tool objectives; analyze the feasibility of implementing the Cash Flow tool as an instrument of financial management and suggest proposals for suitability for deployment of Cash Flows as a financial management system. Facing these objectives the research uses the precedence of qualitative methodology and applies the instruments on-site visit, interview and questionnaire to collect data. Descriptive analysis that confront the theoretical basis and the data obtained from research is used. With the completion of the analysis the following results were achieved: description of business processes researched; identifying the needs and forms of control currently used and presentation of improvement measures for the adjustment of non-conformities identified. The study contributes to both the academic improvement by analyzing the real situation of the company, as well as it serves as a recommendation to companies embracing similar difficulties in financial management.

Valuation of index-linked cash flows in a Heath-Jarrow-Morton framework

OpenAIRE

Alm, Jonas; Lindskog, Filip

2015-01-01

In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims...

Operating Cash Flow, Earning Response Coefficient, and Fixed Asset Revaluation: Study on Manufacturing Company

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Andison Andison

2017-03-01

Full Text Available The purpose of this study to determine the effect of operating cash flow to the abnormal return and the effect of operating cash flow to the abnormal return of companies that conduct the revaluation is higher than that of non revaluation which adopted SFAS No. 16 (2012. The analysis used in this study are multiple regression, for the period 2012-2015. The results showed that operating cash flow has no effect on non-sampled companies revaluation, while the sample of firms that perform revaluation proves that operating cash flow has a positive and significant impact on the abnormal return. Moreover, the effect of revaluation policy can strengthen the influence between operating cash flow to the firm abnormal return than non revaluation.DOI: 10.15408/etk.v16i1.4820

Financial Reporting Quality, Free Cash Flow, and Investment Efficiency

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Wang Fusheng

2015-01-01

Full Text Available This paper based on the perspective of firm’s agency conflicts to examine the relationship between financial reporting quality and investment efficiency and to analyze the interaction effect between financial reporting and free cash flow on investment efficiency. We use 3,726 samples of Chinese listed firms during the period 2008–2012 to test the empirical models and find that financial reporting quality is negatively associated with both underinvestment and overinvestment. Further, we find that financial reporting quality is more strongly associated with overinvestment for firms with large free cash flow, which suggests that financial reporting quality can reduce information asymmetry arising from agency conflicts between the managers and investors. This paper extends the field of application of financial reporting quality and investment efficiency in the emerging capital markets in the world. Moreover, this is the first study that analyzes the interaction effect between financial reporting quality and free cash flow on investment efficiency.

A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

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Mahdi Salehi

2013-08-01

Full Text Available The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data during 6 years revealed that the earnings in comparison to the cash flows are very important as they have positive effects on the stock. Moreover, in the case of the relations of earnings and earnings changes with the expected return of stocks and the relation of cash flows and cash flow changes with the expected return of stock, it was found that there is only a meaningful relationship between earning changes and the expected return of stock in banking groups. However, there is no meaningful relationship between earning and cash flows with the expected return of stock. The result was that the informational content test didn’t support the value relation of earning and cash flows. Furthermore, the classifying of information through banking group indicated that the changes of earning was in the first rank and next were earning, the changes of cash flow and cash flows.Keywords: Earnings; Cash flows; expected return; Value relevance; Banking risks

Predictability of Returns and Cash Flows

OpenAIRE

Ralph S.J. Koijen; Stijn Van Nieuwerburgh

2010-01-01

We review the literature on return and cash-flow growth predictability from the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries.

Free Cash-Flow, Issuance Costs and Stock Price Volatility

OpenAIRE

Décamps, Jean-Paul; Mariotti, Thomas; Rochet, Jean-Charles; Villeneuve, Stéphane

2008-01-01

We study the issuance and payout policies that maximize the value of a firm facing both agency costs of free cash-flow and external financing costs. We find that the firm optimally issues equity. Equity distributes no dividends until a target cash level is reached, while new equity is issued when the firm runs out of cash. We characterize the process modelling the number of outstanding shares and the dynamics of the stock prices. In line with the leverage effect identified by Black (1976), we...

METHODOLOGICAL APPROACHES TO THE ANALYSIS OF EFFICIENCY OF CASH FLOW MANAGEMENT IN INVESTMENT ACTIVITY OF THE ENTERPRISES

OpenAIRE

I. Magdych

2015-01-01

The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their o...

A study on relationship between earnings management and operating cash flows management: Evidence from Tehran Stock Exchange

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Bahman Banimahd

2013-06-01

Full Text Available This study investigates the impact of earnings management on operating cash flows management over the period 2004-2011 using the information of 119 firms listed on the Tehran Stock Exchange. Results indicate that there is a meaningful relationship between earnings management and operating cash flows management. In other words, earnings management creates and shapes operating cash flows management. In addition, after controlling for the loss reporting, firm size and firm's financial risk, the results show that there was a relationship between loss reporting and firm size with the cash flows management. When firms report loss, then operating cash flows increases. Finally, operating cash flows decreases when firm size increases. However, our survey does not provide any evidence to believe there is any relationship between financial risk and cash flows management.

A study on effects of cash flow patterns and auditors’ opinions in predicting financial distress

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Fatemeh Namvar

2013-07-01

Full Text Available Bankruptcy has been one of the most important issues among investors in stock market and there are literally different techniques for predicting bankruptcy. In this paper, we study on effects of cash flow patterns and auditors’ opinions in predicting financial distress on some 80 selected firms traded on Tehran Stock Exchange over the period 2005-2011. In this study, the combination of cash flow patterns represent firm’s resource allocations and operational capabilities interacted with their strategy choices. In additions, predictions about each individual cash flow components, operational, investment, financial, are derived from economic theory, which forms a basis for the life proxy. We use cash flow patterns in the decline stage and compare the results with auditors’ opinions. The results indicate that cash flow patterns could predict financial distress companies in Iran. In addition, the effective cash flow patterns in predicting financial distress is more than auditors’ feedbacks.

METHODOLOGICAL APPROACHES TO THE ANALYSIS OF EFFICIENCY OF CASH FLOW MANAGEMENT IN INVESTMENT ACTIVITY OF THE ENTERPRISES

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I. Magdych

2015-06-01

Full Text Available The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their optimization for the purpose of maximization of social and economic benefit. The research performed here allowed generalization and definition of stages of analysis for investing cash flow of the enterprise with the appropriate reasoning. It is necessary that research is going concern in this direction of effectiveness valuation of cash flow management in investing activity of the enterprise.

Cash Flow and Discount Rate Risk in Up and Down Markets: What is actually priced?

NARCIS (Netherlands)

Botshekan, M.; Kraeussl, R.G.W.; Lucas, A.

2012-01-01

We test whether asymmetric preferences for losses versus gains affect the prices of cash flow versus discount rate risk. We construct a return decomposition distinguishing cash flow and discount rate betas in up and down markets. Using U.S. data, we find that downside cash flow and discount rate

Methodological Approach to Company Cash Flows Target-Oriented Forecasting Based on Financial Position Analysis

OpenAIRE

Sergey Krylov

2012-01-01

The article treats a new methodological approach to the company cash flows target-oriented forecasting based on its financial position analysis. The approach is featured to be universal and presumes application of the following techniques developed by the author: financial ratio values correction techniques and correcting cash flows techniques. The financial ratio values correction technique assumes to analyze and forecast company financial position while the correcting cash flows technique i...

The Role of Cash Holdings in Reducing Investment-Cash Flow Sensitivity: Evidence from a Financial Crisis Period in an Emerging Market

OpenAIRE

Ozgur Arslan; Chrisostomos Florackis; Aydin Ozkan

2006-01-01

This paper investigates the relationship between financing constraints and investment-cash flow sensitivities by focusing on cash holdings of firms as the basic classification scheme to separate firms into financially constrained and unconstrained categories. The idea is that high cash reserves increase the ability of firms to undertake profitable investment opportunities. Our classification scheme is based on an optimal cash model, which helps us identify the firms that deviate significantly...

CASH FLOW-FINANCIAL PLANNING TOOL IN THE TOURISM UNITS

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Boby COSTI

2017-05-01

Full Text Available This paper addresses the issue of cash-flow tool for financial planning, cash flow calculation by applying the indirect method within a company in the field of tourism. Thus, it tackled issues concerning the organization of accounting of treasury which made a presentation of the subject reflected in treasury accounting record of the existence and movement of securities placement, availability of the accounts at banks, short term bank loans and other cash values. The importance of access to information as well as more detailed and clearer leads to an upward trend of the tourism society. Standardization of definitions helps to ensure that all parties are talking of the same terms or concepts with lower or no variables. This is essential for developers and contractors in different geographical regions of the world and different countries when they discuss issues of tourism and travel.

ANALYSIS OF FINANCIAL PERFORMANCE BASED ON THE RELATIONSHIP BETWEEN INVESTMENTS AND CASH-FLOW

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Ludmila PROFIR

2018-06-01

Full Text Available Financial performance is often difficult to achieve by economic entities, especially in the current economic context and successful models of some companies constitute examples of good practice for aspirants. Cash-flow explains investment because it contains information about future flows of cash and because investment is made in pursuit of future income. Therfore, the purpose of this paper is to analyze the relationship between cash-flow, investment and net income. The target population of the study was the companies listed and traded on the Bucharest Stock Exchange during 2012-2016. The results of this empirical study showed that most of the companies listed and traded on BVB that earn profit constantly generate cash-flow and 65% of the companies listed and traded on BVB during the period 2012-2016 show a satisfactory long-term financial balance.

A study on the relationship between operational cash flow and the return of stockholders

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Hassan Ghodrati

2014-07-01

Full Text Available Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the information of 54 firms from Tehran Stock Exchange. The results show that there were some meaningful relationship between the operating cash flow, profitability and the returns of all stakeholders. However, this happens by increasing profitability and cash flow of information asymmetry proportion to their correlation with the economic efficiency of shareholders’ returns.

FINANCIAL AUDIT: Capitol Preservation Fund's Fiscal Years 2001 and 2000 Financial Statements

National Research Council Canada - National Science Library

Franzel, Jeanette

2002-01-01

The statements of the financial position of the Capitol Preservation Fund (the Fund) as of September 30, 2001, and 2000 were audited, and the related statements of activities and statements of cash flows for the fiscal years then ended...

PACTOLUS, Nuclear Power Plant Cost and Economics by Discounted Cash Flow Method. CLOTHO, Mass Flow Data Calculation for Program PACTOLUS

International Nuclear Information System (INIS)

Haffner, D.R.

1976-01-01

1 - Description of problem or function: PACTOLUS is a code for computing nuclear power costs using the discounted cash flow method. The cash flows are generated from input unit costs, time schedules and burnup data. CLOTHO calculates and communicates to PACTOLUS mass flow data to match a specified load factor history. 2 - Method of solution: Plant lifetime power costs are calculated using the discounted cash flow method. 3 - Restrictions on the complexity of the problem - Maxima of: 40 annual time periods into which all costs and mass flows are accumulated, 20 isotopic mass flows charged into and discharged from the reactor model

Cash flow in the context of economic equation of continuity

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Fernando Gómez Villarraga

2006-07-01

Full Text Available The mathematic scheme, known as economic equation of continuity, is established for the balance of economic resources. In order to apply this equation it is necessary to determine an economic volume of control. The patrimonial equation is also proposed as a speed equationfor this volurne. The integral equation of economic continuity is applied to the «cash» system along with the integral patrimonial equation and so it gets expressions that correspond to model to elaborate cashflow statement with the particularities of the direct and indirect method. This model generales a useful definition for the calculation of this basic financial statement classified by operating, investing and financing activities.

VOLUNTARY DISCLOSURE OF CASH FLOWS INFORMATION AND COMPANY'S CHARACTERISTICS: EVIDENCE FROM THE CROATIAN CAPITAL MARKET

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Željana Aljinović Barać

2012-12-01

Full Text Available This paper focuses on the voluntary disclosure of cash flows information of Croatian large companies whose shares are listed on the Zagreb Stock Exchange, with the aim to identify characteristics of companies that provide extensive disclosures. In order to conduct the research and test the likelihood that company publicly announces wealth of information about cash flows, three groups of company’s features are defined as variables: accounting data, capital market information and company’s qualitative characteristics. Verification of empirical evidence was provided through the sample of Croatian listed companies using logistic regression analysis. Obtained results indicate that despite the desire of the regulatory authorities that capital market investors receive all relevant information, companies voluntarily disclose information about cash flows very rarely. Those companies are young (i.e. their shares are listed on an organized securities market for a short time and profitable, with growing net income and growing cash flow from operating activities and usually use indirect method for operating cash flow report. The provision of features of Croatian companies that voluntary disclose cash flow information can be found as contribution of our research, because this topic in a cases of macro-oriented accounting system economies, i.e. bank oriented economies with emerging capital market is still unexplored.

Information-analytical support of management company cash flow

OpenAIRE

Golovko, V.; Mysaka, G.

2010-01-01

Article is dedicated to study of the actual questions of the improvement of the dataware and methodic of the economic analysis of the cash and flow in process of the optimization of management company financial resource.

Earnings volatility and the role of cash flows in the capital markets: Empirical evidence

Directory of Open Access Journals (Sweden)

Dr. Melita Charitou

2013-07-01

Full Text Available The recent global financial crisis brought to the forefront of the capital markets the importance of firm fundamentals and especially, the valuation role of cash flows. In this study, we examine the role of earnings and cash flows in two major capital markets, namely, USA and France. We hypothesize that the relationship between cash flows and security returns improves when earnings are transitory and this robustness is country specific. The dataset consists of more than 37,000 USA and French firm-year observations over an eight-year period. Multivariate statistical regression analysis is undertaken to test the major research hypotheses. Results indicate that when earnings are transitory (unstable, investors pay more attention to cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. In summary, the evidence provided in this study supports that there are substantial differences in the way investors and financial analysts perceive financial information such as earnings and cash flows in France and USA. These results should be of great importance to the major stakeholders such as investors, creditors, financial analysts, especially after the recent global financial crisis and the collapse of giant organizations worldwide.

Potential dividends and actual cash flows in equity valuation. A critical analysis1

Directory of Open Access Journals (Sweden)

Ignacio Vélez-Pareja

2009-10-01

Full Text Available Practitioners and most academics in valuation include changes in liquid assets (potential dividends in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Hence, when valuing cash flows, we should consider only actual payments.

Relevance of free cash flow as a measure of generating value for owners

Directory of Open Access Journals (Sweden)

Bešlić Ivana

2014-01-01

Full Text Available In the new economy or knowledge economy the main goal of any company should be directed towards the achievement of the business in the interest of the owners, or generating the value for owners. In dynamic business environment, an effective performance measurement system is key determinant of successful implementation of corporate strategy, growth and survival of the company. Modern performance measures should provide an accurate assessment of the intrinsic value of the company, as well as the value for the owners (shareholders. The essence is maximizing the immanent or guaranteed value of the company. The immanent value is the value of a company based on internal evaluation (assessment discounted cash flows or expected cash flow in the future by the management team. Corporate managers in Serbia are facing the challenge of increasingly efficient capital markets and the competition in the future, which requires the implementation of a value oriented corporate governance, therefore this paper presents FCF (Free Cash Flow methodology of valuation. Free cash flow (FCF is the amount of cash available for owners of the company after the necessary investments in fixed assets and working capital to maintain the current scope of activities and support to planning.

SOME DISCLOSURE ASPECTS REGARDING CONSOLIDATED FINANCIAL STATEMENTS

OpenAIRE

Cirstea Andreea; Baltariu Carmen-Alexandra

2013-01-01

The purpose of this article is to analyze the current state of consolidated reporting practice harmonization concerning the choice of presenting the income statement, the changes in equity, the methods used for presenting the cash flow statement, the extant methods for evaluating and reporting goodwill, the extant methods in which jointly controlled entities are accounted in the consolidated financial statements, or the choice for recognizing investments in subsidiaries, jointly controlled en...

The analysis of exergy and cash flow

International Nuclear Information System (INIS)

Weimin, H.

1989-01-01

The paper presents the analysis of the economic content of exergy parameter and the thermodynamical analogy of the analysis of cash flow, and gives out the reasonable foundations of the analysis of heat economy. The thoughts of optimum design of the combination of heat economic analysis and investment policy are also put forward

Mathematical annuity models application in cash flow analysis ...

African Journals Online (AJOL)

Mathematical annuity models application in cash flow analysis. ... We also compare the cost efficiency between Amortisation and Sinking fund loan repayment as prevalent in financial institutions. Keywords: Annuity, Amortisation, Sinking Fund, Present and Future Value Annuity, Maturity date and Redemption value.

The source of investment cash flow sensitivity in manufacturing firms: Is it asymmetric information or agency costs?

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Daniel Makina

2016-09-01

Full Text Available In the literature, positive investment cash flow sensitivity is attributed to either asymmetric information induced financing constraints or the agency costs of free cash flow. Using data from a sample of 68 manufacturing firms listed on the South African JSE, this paper contributes to the literature by investigating the source of investment cash flow sensitivity. We have found that asymmetric information explains the positive investment cash flow sensitivity better than agency costs. Furthermore, asymmetric information has been observed to be more pronounced in low-dividend-paying firms and small firms. Despite South Africa’s having a developed financial system by international standards, small firms are seen to be financially constrained. We attribute the absence of investment cash flow sensitivity due to agency costs to good corporate governance of South African listed firms. Thus the paper provides further evidence in support of the proposition in the literature that the source of investment cash flow sensitivity may depend on the institutional setting of a country, such as its corporate governance.

Investment cash flow sensitivity and financing constraints : New evidence from Indian business group firms

NARCIS (Netherlands)

George, R.; Kabir, Mohammed Rezaul; Qian, J.

2011-01-01

A controversy exists on the use of the investment–cash flow sensitivity as a measure of financing constraints of firms.Were-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment–cash flow sensitivity for both group-affiliated and independent

Using Cash Flows to Predict Bankruptcy of Chemical Companies: Case Study Approach

OpenAIRE

Siow, Hui Wen

2009-01-01

The intent of this study is to present an argument for the usefulness of cash flow information in bankruptcy prediction, and whether cash flow information provide a superior prediction of business failure over the conventional accrual accounting information. In addition, this dissertation also aim to analyze other important factors leading to bankruptcy, particularly contingent liabilities in which the obligations are not accrued and accounted for, nor are they considered in conventional bank...

Modelling of project cash flow on construction projects in Malang city

Science.gov (United States)

Djatmiko, Bambang

2017-09-01

Contractors usually prepare a project cash flow (PCF) on construction projects. The flow of cash in and cash out within a construction project may vary depending on the owner, contract documents, and construction service providers who have their own authority. Other factors affecting the PCF are down payment, termyn, progress schedule, material schedule, equipment schedule, manpower schedules, and wages of workers and subcontractors. This study aims to describe the cash inflow and cash outflow based on the empirical data obtained from contractors, develop a PCF model based on Halpen & Woodhead's PCF model, and investigate whether or not there is a significant difference between the Halpen & Woodhead's PCF model and the empirical PCF model. Based on the researcher's observation, the PCF management has never been implemented by the contractors in Malang in serving their clients (owners). The research setting is in Malang City because physical development in all field and there are many new construction service providers. The findings in this current study are summarised as follows: 1) Cash in included current assets (20%), owner's down payment (20%), termyin I (5%-25%), termyin II (20%), termyin III (25%), termyin IV (25%) and retention (5%). Cash out included direct cost (65%), indirect cost (20%), and profit + informal cost(15%), 2)the construction work involving the empirical PCF model in this study was started with the funds obtained from DP or current assets and 3) The two models bear several similarities in the upward trends of direct cost, indirect cost, Pro Ic, progress billing, and S-curve. The difference between the two models is the occurrence of overdraft in the Halpen and Woodhead's PCF model only.

Report: Nevada Drinking Water State Revolving Fund Financial Statements with Independent Auditor's Report

Science.gov (United States)

Examination of the balance sheet of the Nevada Drinking Water State Revolving Fund Program as of June 30, 2001, the related statement of revenues, expenses, and changes in retained earnings, and the statement of 2001 cash flows.

Impact of VAT on the Profitability and the Cash Flow of Romanian Small and Medium Enterprises

Directory of Open Access Journals (Sweden)

MARIA ZENOVIA GRIGORE

2014-05-01

Full Text Available The options available to taxpayers make tax systems attractive and give them an opportunity to choose one system or another after a careful analysis of the fiscal advantages and disadvantages of each choice. A small or medium company has to explore the options available, whether that is VAT registration or de-registration or choosing the best VAT special scheme. VAT optimisation is particularly interesting because of the high cash flow involved and because of the cash flow benefits that can be obtained. This paper presents an analysis of VAT costs and their impact on profitability and cash flow of small and medium enterprises. We also analysed specific mechanisms to improve profitability and cash flow through VAT optimisation.

IMPACT OF VAT ON THE PROFITABILITY AND THE CASH FLOW OF ROMANIAN SMALL AND MEDIUM ENTREPRISES

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Maria Zenovia GRIGORE

2014-05-01

Full Text Available The options available to taxpayers make tax systems attractive and give them an opportunity to choose one system or another after a careful analysis of the fiscal advantages and disadvantages of each choice. A small or medium company has to explore the options available, whether that is VAT registration or de-registration or choosing the best VAT special scheme. VAT optimisation is particularly interesting because of the high cash flow involved and because of the cash flow benefits that can be obtained. This paper presents an analysis of VAT costs and their impact on profitability and cash flow of small and medium enterprises. We also analysed specific mechanisms to improve profitability and cash flow through VAT optimisation.

18 CFR 141.500 - Cash management programs.

Science.gov (United States)

2010-04-01

... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management... OF 1978 STATEMENTS AND REPORTS (SCHEDULES) § 141.500 Cash management programs. Public utilities and... and § 141.1 or § 141.2 of this title that participate in cash management programs must file these...

ANALISIS FREE CASH FLOW DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN PUBLIK DI INDONESIA

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R. Anastasia Endang Susilawati

2010-06-01

Full Text Available The main objective of this research is to examine behavior public company in Indonesia to manage of free cash flows and the role namagerial ownership on corporate debt policy. The using dependent variable on this research is debt, so independent variables are free cash flows and managerial ownership. The sample used was the public companies listed in the Jakarta Stock Exchange (JSX. There were 59 companies which have and during the period from 2005-2009. Data collected by purposive sampling. The result examination is that public company in Indonesia have low investment opportunity set (IOS when free cash flow high attending by using debt for cost operation company. This result robust because evidence with chow test the result that significant difference regression stability between free cash flow to corporate debt policy have low and high investment opportunity set. Although, when dividend based big company have low investment opportunity and small company have low investment opportunity, both have the same effect between free cash flow on corporate debt policy. The result chow test suggest examination there are not statistically significant difference. Managerial ownership association negative with debt policy, this result evidence that agency cost of debt can be reduce by managerial ownership

Three residual income valuation methods and discounted cash flow valuation

OpenAIRE

Fernandez, Pablo

2003-01-01

In this paper we show that the three residual Income models for equity valuation always yield the same value as the Discounted Cash Flow Valuation models. We use three residual income measures: Economic Profit, Economic Value Added (EVA) and Cash Value Added. We also show that economic profit and EVA are different, although Copeland, Koller and Murrin (2000, page 55) say that economic profit is a synonym of EVA. Specifically, we first show that the present value of the Economic Profit discoun...

A study on relationship between earnings before tax, interest and operational cash flows with stockholders’ equity

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Mohammad Reza karimi Torghabeh

2014-08-01

Full Text Available One of the primary economic issues is associated with optimum resource allocation in profitable investments with reasonable risk. For this purpose, performance measurement’s criteria are needed some of which emphasize cash flow variables and some others focus on information content of accounting profit. On this basis, this study examines the relationship between earnings before tax and interest and operational cash flows with stockholders’ return in Tehran Stock Exchange (TSE. In this regard, information asymmetry was also examined. To test hypotheses, multivariable regression and combined data method were used. The results showed that based on the information of 102 companies in stock market from 2004 to 2009, there was a positive and significant correlation between earnings before interest and tax and stock return in the companies. While, operational cash flow has no significant impact on stock return. Increasing information asymmetry, earnings before interest and tax has a positive and significant correlation with stockholders ’return; but operational cash flow has no significant effect on stockholders’ return. In other words, earnings before interest and tax have higher information content than operational cash flow.

A study on the relationship between operational cash flow and the return of stockholders

OpenAIRE

Hassan Ghodrati; Hassan Abyak

2014-01-01

Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the info...

EDF - Full-year results up in 2014, Solid performance in low-carbon energies, 2018 ambition reiterated. Annual results 2014. Consolidated financial statements 2014. Management report 2014 - Group results. Annual financial statements 2014

International Nuclear Information System (INIS)

Levy, Jean-Bernard

2015-01-01

As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2014 annual results, management report and Consolidated financial statements of the Group at 31 December 2014, as well as the 2014 activity report: Group EBITDA: euro 17.3 bn, +6.5% organic growth, +3.2% excluding Edison and the tariff catch-up. A record-setting performance by low-carbon energies: French nuclear output: 415.9 TWh, the second best performance of the last six years; French CO_2 emissions: 17 g/kWh, an all-time low; Renewable energy capacity under construction: 2.2 GW, an all-time high. Net income excluding non-recurring items: euro 4,852 m, +17.9%; Net income - Group share: euro 3,701 m, +5.2%; Net financial debt/EBITDA: 2.0x vs. 2.1x at 31 December 2013; Dividend proposed for 2014: euro 1.25 per share in cash, equivalent to a 52% pay-out ratio and 58% when excluding the tariff catch-up. Financial guidance for 2015: Group EBITDA: organic growth of 0 to 3%; Net financial debt/EBITDA: between 2x and 2.5x; Pay-out ratio of net income excluding non-recurring items post hybrid: 55% to 65%. 2018 ambition: Enhanced action plan on cash flow generation levers: EBITDA growth, CSPE balance, WCR action plan, control of net investments; Cash flow after dividends: positive in 2018. EDF's financial statements: Income statements; Balance sheets; Cash flow statements; Notes to the financial statements: Accounting principles and methods, Significant events and transactions, Regulatory events in 2014 with an impact on the financial statements, Sales, Operating subsidies, Reversals of provisions and depreciation, Other operating income

Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba

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Dian Agustia

2013-01-01

Full Text Available The aim of this research is to provide empirical evidence on the impact of good corporate governance, free cash flow, and leverage ratio on earnings management. Good corporate governance is measured by audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership. Discretionary accrual is the proxy of earning management. This research used 14 textile companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluded that all components of good corporate governance (audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership, have no significant effect on earnings management, while leverage ratio has a significant effect on earnings management, and free cash flow has a negative and significant effect on earnings management. It means that companies with high free cash flow will restrict the practice of earnings management.

Cash Flows versus Accounting Earnings in Managing Exchange Rate Exposures: An Empirical Study of Non-Financial Companies

DEFF Research Database (Denmark)

Aabo, Tom

Financial theory argues that companies should manage cash flows and not accounting earnings when they hedge exchange rate exposures. Still, empirical evidence shows that a number of companies choose to manage accounting earnings. This empirical study of Danish, non-financial companies finds (1......) that when hedging the majority of companies expect to add value to their company by avoiding financial distress (reduce down side risk), (2) that when hedging managing cash flows versus managing accounting earnings as a first priority splits the companies in two, (3) a lack of difference (except...... for profitability) in company characteristics between the group of companies that manage cash flows versus the group of companies that manage accounting earnings as a first priority. The decision in real business on whether to manage cash flows or accounting earnings when hedging exchange rate exposures seems...

Análise da Produção Científica sobre os fluxos de caixa e a demonstração dos fluxos de caixa: um estudo da Revista de Contabilidade e Finanças da Universidade de São Paulo, no período de 1989 a 2009 = Analysis of Scientific Literature on the Cash Flows and the Cash Flows Statement: a study of the Journal of Accounting and Finance, of the University of São Paulo from 1989 to 2009

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Débora Gomes Machado

2011-09-01

Full Text Available Em mercados cada vez mais competitivos, as empresas precisam de um diferencial que lhes traga vantagens em relação à concorrência. Esse diferencial deve contribuir para que a empresa se mantenha saudável no mercado e para com a administração, no intento de gerir de forma eficaz os seus fluxos de caixa. Neste enfoque, o presente estudo situa-se na gestão financeira e tem como objetivo verificar a produção científica sobre os fluxos de caixa e a Demonstração dos Fluxos de Caixa – DFC, na Revista de Contabilidade e Finanças da Universidade de São Paulo, no período de 1989 a 2009. O estudo foi realizado por meio de uma pesquisa bibliométrica, procurando identificar as características dos artigos analisados. Trata-se de uma pesquisa descritivo-exploratória, documental e de abordagem qualitativa. Verificou-se que as publicações científicas referentes aos fluxos de caixa e a Demonstração dos Fluxos de Caixa, na Revista Contabilidade e Finanças, não possuem um número expressivo de publicações relacionadas ao assunto, nos últimos 21 anos. Dentre as publicações identificou-se a quantidade de autores por artigo, as instituições de ensino superior a qual os mesmos estão vinculados, o autor seminal do tema, o tipo e origem das referências utilizadas e os principais temas abordados.In increasingly competitive markets, companies need a differential that will bring them advantages over the competition. This differential should help the company to remain healthy for the market and with the administration, in an attempt to effectively manage their cash flows. In this approach, this study lies in financial management and aims to verify the scientific literature on the cash flows and the Cash Flows Statement, in the Journal of Accounting and Finance, University of São Paulo, from 1989 to 2009. The study was conducted through a bibliometric research, aiming to identify the characteristics of the articles analyzed. This is a

Investment cash flow sensitivity under managerial optimism: new evidence from NYSE panel data firms

OpenAIRE

Mohamed, Ezzeddine Ben; Fairchild, Richard; Bouri, Abdelfettah

2014-01-01

Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is well documented in standard corporate finance, it is still young under behavioral corporate finance. In this paper, we test the investment cash flow sensitivity among panel data of American industrial firms during 1999-2010. Using Q-model of investment (Tobin, 1969), we construct and introduce a proxy of managerial optimism following Malmendier and Tate (2005a) to show the impac...

Watch for pitfalls of discounted cash flow techniques.

Science.gov (United States)

Chow, C W; McNamee, A H

1991-04-01

Discounted cash flow (DCF) techniques can enhance the effectiveness of a healthcare organization's capital budgeting decisions. But a financial manager unaware of common misapplications of DCF techniques may make capital decisions with a hidden bias against long-term projects, an inaccurate evaluation of options, or inappropriate estimations of expected inflation and risk. Social and psychological factors also can impede effective decisions on projects already introduced.

Is Investment-Cash Flow Sensitivity Caused by the Agency Costs or Asymmetric Information? Evidence from the UK

NARCIS (Netherlands)

Pawlina, G.; Renneboog, L.D.R.

2005-01-01

We investigate the investment-cash flow sensitivity of a large sample of the UK listed firms and confirm that investment is strongly cash flow-sensitive.Is this suboptimal investment policy the result of agency problems when managers with high discretion overinvest, or of asymmetric information when

ACFAC: a cash flow analysis code for estimating product price from an industrial operation

International Nuclear Information System (INIS)

Delene, J.G.

1980-04-01

A computer code is presented which uses a discountted cash flow methodology to obtain an average product price for an industtrial process. The general discounted cash flow method is discussed. Special code options include multiple treatments of interest during construction and other preoperational costs, investment tax credits, and different methods for tax depreciation of capital assets. Two options for allocating the cost of plant decommissioning are available. The FORTRAN code listing and the computer output for a sample problem are included

Optimal ratio of cash and non-cash payments

Directory of Open Access Journals (Sweden)

Galina S. Panova

2014-01-01

Full Text Available Analysis of the present condition and prospects of development of the monetary sector of the Russian economy. Quantitative parameters of aggregate turnover, including the value of cash and non-cash it. Researched issues restricting cash advance industry in Russia and other countries; the problems encountered by foreign States in imposing administrative limits on cash payments; provides specific recommendations and identified risks imposing such restrictions in Russia. The article deals with topical issues of optimization of structure of aggregate turnover. Analyzing the development of money turnover, the role and the place of cash in the economy, the author explored the basic approaches to the determination and regulation of money turnover, proposed a new approach to ensure transparency in money flows. Particularly promising cash flow optimization are: a measures aimed at improving the cash turnover (including maintaining the stability of the national currency, improving the procedures for issuing and withdrawing money from circulation, determine the optimal structure of monetary aggregates, etc. and b development of cashless money turnover. The author's position is presented on the future of the scientific basis and practical realization of the optimal ratio of cash and cashless money turnover in Russia and other countries. In particular, felt the need to increase information transparency, openness international information exchange in order to improve monetary policy by countries at the national and international level. To develop common approaches (models of the analysis and forecasting of financial markets, as well as the establishment of an international coordination centre responsible for the collection, verification and access to public information databases for the cross-country studies of banking and financial and monetary sphere.

CASH FLOW – AN INSTRUMET FOR ANNALYSING AND DETERMINING THE VALUE OF AN ENTERPRISE

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Valentina Dorina BOGDAN

2015-11-01

Full Text Available The purpose of this thesis is to understand the logic of the approach based on income and the methods included in this approach. Reading through this paper must provide us with the ability to choose and correctly apply the methods presented in order to estimate the enterprise value. Understanding the method cash - flow update – is conditioned by the differentiation between collection and income, fees and expenses. The profit is the result of comparing revenues and expenses. Not all revenue generate collection at the same time; not all expenses generate payments. Their registration into accounting is delayed. Cash-flow is the evolution of the availability of funds in itself of the company, the evolution of the net treasury. In summary, we note that approach based on income estimates an enterprise value by converting future streams of income in the present value of an enterprise which can generate those cash flows.

Strategic Management Accounting in Organizations’ Cash Flow Control

OpenAIRE

Y. P. Vetrov; O. G. Vandina; A. R. Galustov

2017-01-01

The article deals with the various interpretations of the term "strategic management accounting". The role and importance of strategic management accounting in the organization’s cash flows control are investigated. The accounting and analytical models of strategic management accounting are analyzed. The territorial scope of this article covers the Russian Federation. The study concludes that the system of assessment parameters of organization’s financial condition should cover all its aspect...

Equivalence of the different discounted cash flow valuation methods. Different alternatives for determining the discounted value of tax shields and their implications for the valuation

OpenAIRE

Fernández, Pablo

1999-01-01

This paper addresses the valuation of firms by cash flow discounting. The first part shows that the four most commonly used discounted cash flow valuation methods (free cash flow discounted at the WACC; cash flow available for equity holders discounted at the required return on the equity flows; capital cash flow discounted at the WACC before taxes; and Adjusted Present Value) always give the same value. This result is logical because all the methods analyse the same reality under the same hy...

Economic values and corporate financial statements.

Science.gov (United States)

Magness, Vanessa

2003-07-01

Corporate financial statements do not include environmental values. This deficiency has contributed to the criticism that company managers do not include environmental impacts in the internal decision-making process. The accounting profession has not developed effective environmental reporting guidelines. This situation contributes to a second problem: the apparent inability of corporate reports to provide useful information to external parties. It has been suggested that by using nonmarket valuation methodologies, financial statements can be used to measure progress toward sustainable development. Nonmarket valuations are not generally accepted by the accounting profession. They are too subjective to support effective decisions, and too costly to obtain. Furthermore, demand for this sort of information appears small. Some of these issues may be resolved over time. The most serious challenge, however, concerns how enhanced financial reports would be used. Financial statements are supposed to help investors assess the amount, timing, and uncertainty of future cash flows. A substantial portion of environmental value is based on nonuse benefits, much of which will never be realized in company cash flows. In other words, the role of financial statements would have to change. Furthermore, since there is no general agreement as to the meaning of "sustainable development," efforts to operationalize the term have been fraught with difficulty. Moreover, monetization of environmental values could jeopardize their preservation, leaving some to question the overall objective of this form of reporting. For these reasons, while it is to be hoped that better reporting of environmental impacts will be forthcoming, the greatest advances will likely be outside the financial statements themselves.

THE COMPANY ACCOUNTING EVALUATION – PRELIMINARY PHASE OF THE PROPER ANALYSIS OF FINANCIAL STATEMENTS

Directory of Open Access Journals (Sweden)

Doina Pacurari

2008-12-01

Full Text Available The problem that the accounting information do not always reflect the economic reality may affect the analysis and forecast based on financial statements. This is due both to the accrual accounting limitations and to the fact that this type of accounting allows the result management. In spite of some disadvantages, the accrual accounting is considered superior to cash accounting in measuring the performances and determining financial position as well as in the predicting of future cash flow. In order to limit the negative effects on the results of analysis and forecast based on financial statements, the analists should evaluate the enterprise accounting and if necessary adjust the financial statements so they reflect the economic reality.

The management of subsurface uncertainty using probabilistic modeling of life cycle production forecasts and cash flows

International Nuclear Information System (INIS)

Olatunbosun, O. O.

1998-01-01

The subject pertains to the implementation of the full range of subsurface uncertainties in life cycle probabilistic forecasting and its extension to project cash flows using the methodology of probabilities. A new tool has been developed in the probabilistic application of Crystal-Ball which can model reservoir volumetrics, life cycle production forecasts and project cash flows in a single environment. The tool is modular such that the volumetrics and cash flow modules are optional. Production forecasts are often generated by applying a decline equation to single best estimate values of input parameters such as initial potential, decline rate, abandonment rate etc -or sometimes by results of reservoir simulation. This new tool provides a means of implementing the full range of uncertainties and interdependencies of the input parameters into the production forecasts by defining the input parameters as probability density functions, PDFs and performing several iterations to generate an expectation curve forecast. Abandonment rate is implemented in each iteration via a link to an OPEX model. The expectation curve forecast is input into a cash flow model to generate a probabilistic NPV. Base case and sensitivity runs from reservoir simulation can likewise form the basis for a probabilistic production forecast from which a probabilistic cash flow can be generated. A good illustration of the application of this tool is in the modelling of the production forecast for a well that encounters its target reservoirs in OUT/ODT situation and thus has significant uncertainties. The uncertainty in presence and size (if present) of gas cap and dependency between ultimate recovery and initial potential amongst other uncertainties can be easily implemented in the production forecast with this tool. From the expectation curve forecast, a probabilistic NPV can be easily generated. Possible applications of this tool include: i. estimation of range of actual recoverable volumes based

Potential dividends and actual cash flows. A regional latin american analysis1

Directory of Open Access Journals (Sweden)

Ignacio Vélez-Pareja

2009-10-01

Full Text Available We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.

Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis

Directory of Open Access Journals (Sweden)

Yane Chandera

2014-08-01

Full Text Available This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders’ free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985.Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf’s pecking order hypothesisbut unsupportive of Jensen’s free cash flow hypothesis.

Report: South Carolina Drinking Water State Revolving Fund Program Financial Statements with Independent Auditor’s Report, June 30, 2002

Science.gov (United States)

Report #2003-1-00138, September 17, 2003. We have audited the balance sheet of the SCDWSRF Program as of June 30, 2002, the related statement of revenues, expenses, and changes in fund equity, and the statement of cash flows for the year then ended.

A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

OpenAIRE

Mahdi Salehi; Mirsohrab Seyedghorbani

2013-01-01

The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE) and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data dur...

Report: State of Utah Drinking Water State Revolving Fund Financial Statements with Independent Auditor’s Report, June 30, 2002

Science.gov (United States)

Report #2003-1-00110, June 3, 2003.Audit of the net assets statement of the Utah Dept of Env Quality Drinking Water State Revolving Fund Prog as of June 30, 2002, and the statements of revenues, expenses and changes in fund net assets, and 2002 cash flows.

The Role of Corporate Governance as a Leverage Moderating and Free Cash Flow on Earnings Management

Directory of Open Access Journals (Sweden)

Reni Yendrawati

2017-07-01

Full Text Available According to agency theory there were separation of function between principal and agent. This separation created different interest between principal and agent. This condition occurs because of the asymmetric information that agent more knew company information than principal. Therefore, it was interesting to study the actions of management.This research aimed to analyze the influence of leverage and free cash flow to earning management and the ability to analyze the influence corporate governance consisting of managerial ownership, institutional ownership, independent commissioner, and audit committee in influencing earnings management on the listed manufacturing companies in Indonesia Stock Exchange during years 2010-2014. The results showed that leverage significantly influence to earnings management and free cash flow significantly influence to earnings management moderating variables that influence the relationship of leverage to earnings management is managerial ownership, independent commissioner,audit committee, and moderating variables that influence the relationship of free cash flow to earning management was managerial ownership and institutional ownership.

Cutting risk, boosting cash flow and developing marginal fields

International Nuclear Information System (INIS)

Baustad, T.; Courtin, G.; Davies, T.; Kenison, R.; Turnbull, J.; Gray, B.; Jalali, Y.; Remondet, J.C.; Hjelmsmark, L.; Oldfield, T.; Romano, C.; Saier, R.; Rannestad, G.

1996-01-01

To minimize financial risk and accelerate return on investment, oil companies are using low-cost, reusable production systems. The scope of these development options is illustrated by looking at three offshore case studies that range from extended well test to marginal field development. In each case, production systems technology has been deployed to provide superior data, early oil or both, thus reducing economic uncertainty and delivering accelerated cash flow. 10 figs., 23 refs

Convex order approximations in case of cash flows of mixed signs

NARCIS (Netherlands)

Dhaene, J.; Goovaerts, M.J.; Vanmaele, M.; van Weert, K.

2012-01-01

In Van Weert et al. (2010), results are obtained showing that, when allowing some of the cash flows to be negative, convex order lower bound approximations can still be used to solve general investment problems in a context of provisioning or terminal wealth. In this paper, a correction and further

A cash flow oriented EOQ model under permissible delay in payments

African Journals Online (AJOL)

A cash flow oriented EOQ model under permissible delay in payments. RP Tripathi, SS Misra, HS Shukla. Abstract. This study presents an inventory model to determine an optimal ordering policy for non-deteriorating items and timedependent demand rate with delay in payments permitted by the supplier under inflation and ...

Methods of the enterprise cash flows optimization in the context of sustainable development

OpenAIRE

O. Bardyn

2015-01-01

This paper deals with nature and analysis of current approaches to optimization of cash flows of the enterprise. Ways and management directions in order to achieve sustainable development by enterprise have been justified

Healthcare not-for-profits: FASB exposure draft highlights flexibility in financial statement presentation.

Science.gov (United States)

Conner, Brian

2016-03-01

A new version of the FASB accounting standard covering not-for-profit healthcare organizations contains potentially significant changes to the statement of operations and changes in net assets, statement of cash flows, and notes to the financial statements. Healthcare organizations already have tremendous flexibility with disclosures around all aspects of their business. Although auditors prefer to see only information that can be effectively audited, this preference does not prevent organizations from expanding on certain activities or transactions covered by GAAP in their footnotes.

Valuation of micro and small enterprises using the methodology multicriteria and method of discounted cash flow

Directory of Open Access Journals (Sweden)

Marcus Vinicius Andrade de Lima

2010-01-01

Full Text Available This paper presents a contribution to the method of discounted cash flow methodology using multicriteria decision aid. This methodology incorporates qualitative variables and subjective to the traditional method of discounted cash flows used in valuation companies. To illustrate the proposed method was a descriptive study of exploratory nature applied to a multicase. The intervention was in Micro and Small Enterprises (MSE from the chemical, pharmaceutical and tourism. As a result, the appraiser set the price of the business taking into account the result of mixing between the two methodologies.

ANFIS Based Time Series Prediction Method of Bank Cash Flow Optimized by Adaptive Population Activity PSO Algorithm

Directory of Open Access Journals (Sweden)

Jie-Sheng Wang

2015-06-01

Full Text Available In order to improve the accuracy and real-time of all kinds of information in the cash business, and solve the problem which accuracy and stability is not high of the data linkage between cash inventory forecasting and cash management information in the commercial bank, a hybrid learning algorithm is proposed based on adaptive population activity particle swarm optimization (APAPSO algorithm combined with the least squares method (LMS to optimize the adaptive network-based fuzzy inference system (ANFIS model parameters. Through the introduction of metric function of population diversity to ensure the diversity of population and adaptive changes in inertia weight and learning factors, the optimization ability of the particle swarm optimization (PSO algorithm is improved, which avoids the premature convergence problem of the PSO algorithm. The simulation comparison experiments are carried out with BP-LMS algorithm and standard PSO-LMS by adopting real commercial banks’ cash flow data to verify the effectiveness of the proposed time series prediction of bank cash flow based on improved PSO-ANFIS optimization method. Simulation results show that the optimization speed is faster and the prediction accuracy is higher.

Liquidity Analysis Using Cash Flow Ratios as Compared to Traditional Ratios in the Pharmaceutical Sector in Jordan

OpenAIRE

Sulayman H. Atieh

2014-01-01

The purpose of this study is to examine the liquidity position of the Jordanian pharmaceutical sector using the traditional ratios as compared to the more recently developed cash flow ratios. The research involved the comparison between traditional ratios and cash flow ratios of the big seven companies of the pharmaceutical industry in Jordan over six years period (2007¨C2012). The companies were all from the same sector, and the data was obtained from the annual reports of these companies. T...

ChargeOut! : discounted cash flow compared with traditional machine-rate analysis

Science.gov (United States)

Ted Bilek

2008-01-01

ChargeOut!, a discounted cash-flow methodology in spreadsheet format for analyzing machine costs, is compared with traditional machine-rate methodologies. Four machine-rate models are compared and a common data set representative of logging skidders’ costs is used to illustrate the differences between ChargeOut! and the machine-rate methods. The study found that the...

Annual Financial Statements � the Final Products of Accounting

Directory of Open Access Journals (Sweden)

Genu Alexandru Caruntu

2016-07-01

Full Text Available Being a tool and a first class social stake in decision making, accounting language should be understood by all users in the national area, but also across national borders, which requires an internationalization of accounting language through standardization and harmonization. The expansion and multiplication of international economic relations in which commodity and capital markets are expanding at a rapid pace, ignoring national borders, due to globalization process, require that the accounting systems should ensure through the financial statements (balance sheet, profit and loss account, statement of changes in equity, cash flow statement, accounting policies and explanatory notes accounting information comparable between countries.

キャッシュ・フロー経営とキャッシュ・フロー計算書

OpenAIRE

岩浪, 貞芳; Iwanami, Sadayoshi

2003-01-01

The cash flow taken seriously in the cash flow management is free cash flow. It becomes the purpose of that management that free cash flow will be maximized in the future. The result of the practice of the cash flow management is disclosed by the financial statements and so on. The historical information of all the cash flow in the fiscal period is disclosed in the cash flow statement. That cash flow information is often used as an indicator of the amount, timing and certainty of future cash ...

Uma Análise comparativa dos indicadores financeiros da Petrobras por meio da avaliação da demonstração dos fluxos de caixa do período de 2005 a 2007 = A Comparative Analysis of Petrobrás Inc. Financial Indicators Through an Evaluation of its Cash Flow Statement from 2005 to 2007

Directory of Open Access Journals (Sweden)

Letícia Goulart dos Santos

2009-03-01

Full Text Available Uma das principais mudanças ocorridas no cenário atual foi a aprovação da Lei 11.638/07, que, entre outras alterações, determina a substituição da Demonstração de Origense Aplicações de Recursos – DOAR pela Demonstração dos Fluxos de Caixa – DFC. Essa, mudança é considerada benéfica para os investidores e usuários da informação por ser considerada de linguagem mais simples e clara. O objetivo do presente estudo é demonstrar a situação financeira da empresa Petrobras, no período de 2005, 2006 e2007, por meio da análise dos indicadores vinculados à Demonstração dos Fluxos de Caixa, que avaliam a liquidez. Uma ferramenta ainda pouco utilizada pelos acionistas são alguns indicadores que facilitam a interpretação da situação financeira da empresa por meio do fluxo de caixa. Os índices foram classificados em quatro grupos, relacionados à cobertura do caixa, à qualidade do resultado, ao dispêndio de capital e ao retorno do fluxo de caixa. Esses têm o propósito de avaliar desde a capacidade de pagamento a téas taxas de retorno de caixa. Em termos metodológicos, a pesquisa caracteriza-se, quanto os objetivos, como um estudo descritivo, e, quanto aos procedimentos, como um estudo de caso. Por meio deste estudo pode-se por fim demonstrar a importância dessa análise comparativa para que os envolvidos tenham uma visão mais profunda da verdadeiras atuação da empresa e das condições de continuidade do seu negócio.One of the most important changes that happened on the present economical scenery itwas the approval to the law n. 11.638/07, which sets, among other alterations, thereplacement of the Statements of Source and Application of Funds for the Cash FlowStatement.This switch is considered a benefit for both investors and users of this termdue to its simple and clear words. In this way, the purpose of this study is to report onthe financial situation of the Petrobras Inc. over the period of 2005,2006 and

Designing a portfolio management programme to optimize cash-flow

International Nuclear Information System (INIS)

Fassom, D.

1996-01-01

The design and implementation of any portfolio management programme must, by definition, be tailored to the drivers and particular objectives of the company owning the assets. This paper will concentrate on one of the most important driving forces, namely managing cash-flow. Five key steps are required to achieve an effective portfolio management programme: 1. establish targets/goals; 2. describe and value the assets in your company's portfolio; 3. identify and catalogue potential 'customers'; 4. construct appropriate deal structures and other strategies to achieve your targets; 5. work hard and do deals. (author)

MODEL DE PREZENTARE A FLUXURILOR DE NUMERAR DEZVOLTAT PRIN METODA DIRECTĂ

Directory of Open Access Journals (Sweden)

Daniel BRÎNDESCU – OLARIU

2013-11-01

Full Text Available The information supplied by the cash-flow statement represents an important basis in the decision-making process for all the stakeholders of the company. The utility of the cash-flow statements built through the direct method is superior to that of the cash-flow statements built through the indirect method, but the direct method is employed with a significantly lower frequency because of the difficulty in accessing the required accounting data. A study conducted over a sample of 50 companies from the Timis County concerning the methods employed for the construction of the cash-flow statement reflects o preference for the direct approach in forecasts, as in such situations the accounting data is easier to collect. Still, in practice, the cash-flow statements developed through the direct method are often incomplete, which makes the explanation of the cash variation impossible. The current study proposes a cash-flow statement model developed through the direct method and tested through simulations within a software application specially conceived for this purpose.

PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

OpenAIRE

Jurica Lucyanda; Lilyana -

2012-01-01

Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009). Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhad...

The relationship between operating cash flow per share and portfolio default probability

Directory of Open Access Journals (Sweden)

Mohammad Khodaei Valahzaghard

2014-03-01

Full Text Available One of the primary duties of the depositary banks is to protect themselves against any possibility of bankruptcy. This requires the identification and measurement of risks, including default risk, which is important given the nature of the activities of banks. This paper presents an empirical investigation to study the relationship between default probability and some financial figures including operating cash flow, liabilities and return of equities. The proposed study of this paper uses historical data of twenty-two firms listed on Tehran Stock Exchange over the period 2008-2012. Default probability as the dependent variable is measured by the method developed by Moody’s KMV Company. The study uses linear regression model to examine the relationship between default probability and some independent variables. The results of the present study suggest that there were some reverse relationship between operating cash flow per share, return on equities and default probability. In addition, there was a direct relationship between log facilities and default probability. However, there was not any relationship between net sales and default probability.

Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

Science.gov (United States)

Tuner, James A.

2016-01-01

Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

Reserves and cash flows under stochastic retirement

DEFF Research Database (Denmark)

Gad, Kamille Sofie Tågholt; Nielsen, Jeppe Woetmann

2016-01-01

Uncertain time of retirement and uncertain structure of retirement benefits are risk factors for life insurance companies. Nevertheless, classical life insurance models assume these are deterministic. In this paper, we include the risk from stochastic time of retirement and stochastic benefit...... structure in a classical finite-state Markov model for a life insurance contract. We include discontinuities in the distribution of the retirement time. First, we derive formulas for appropriate scaling of the benefits according to the time of retirement and discuss the link between the scaling...... and the guarantees provided. Stochastic retirement creates a need to rethink the construction of disability products for high ages and ways to handle this are discussed. We show how to calculate market reserves and how to use modified transition probabilities to calculate expected cash flows without significantly...

MANA YANG LEBIH MEMILIKI VALUE-RELEVANT: NET INCOME ATAU CASH FLOWS (Studi Terhadap Siklus Hidup Organisasi

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Juniarti Juniarti

2005-01-01

Full Text Available This research is aimed to examine the relative value-relevant of net income and cash flow measures in different life cycle stages. Corporate life cycle consists of four stages: start up, growth, mature, and decline stage. Firms in different life cycle stages have different characteristics, and therefore in each life cycle stages the usefulness of accounting measures also different. Net incomes are predicted to be more value relevant in mature stages, while cash flows are expected to be more value relevant in stages characterized by start up, growth, and decline stages. The results prove that in the growth stage, the analysis supports the hypothesis that cash flows are more value relevant than net income. However, in the mature stage, the analysis results reject the hypothesis. This research do not analyze for the start up stage and decline stage, because of the limitation of the sample data. Abstract in Bahasa Indonesia: Penelitian ini bertujuan untuk menguji manakah yang lebih memiliki value-relevant pengukuran laba atau arus kas pada masing-masing siklus hidup perusahaan. Siklus hidup perusahaan umumnya terbagi dalam tahap start-up, growth, mature dan decline. Karakteristik perusahaan berbeda untuk setiap tahap siklus hidup tersebut, karena itu kegunaan pengukuran akuntansi juga akan berbeda. Laba diperkirakan lebih memiliki value-relevant pada tahap mature, sementara arus kas diekspektasikan lebih memiliki value-relevant ketika perusahaan berada pada tahap start-up, growth dan decline. Penelitian ini membuktikan bahwa pada tahap growth, hasil pengujian yang dilakukan mendukung hipotesis bahwa cash flow lebih memiliki value relevant dibanding laba. Tetapi, untuk tahap mature, hipotesis yang diajukan tidak berhasil dibuktikan. Penelitian ini tidak dapat melakukan pengujian untuk tahap start-up dan decline, dikarenakan data sampel untuk kedua tahap tersebut tidak mencukupi untuk dilakukan pengujian. Kata kunci: siklus hidup organisasi, value

Impact of political costs on company benefits in the institutions with high free cash flow and low growth opportunity: Evidence from Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Mohammad Pasandidehfar

2015-11-01

Full Text Available The political costs, bonuses paid to managers, how to use the growth opportunities obtained and their effects on the profitability of companies are the issues that have always been a major of corporations’ concerns. Company exposure to political decisions, its costs and effects on the company's cash flow is very important. Hence, understanding the relationship between variables in a company and how they influence on each other helps management decisions for better opportunities and reduction in political costs, increase cash flow and ultimately increase the profitability of the firms. This survey studies the relationship between the impact of political costs on companies with high free cash flow and low growth opportunity. In this survey, company's assets, sales, income and number of employees are estimated. Then the indexes related to these costs are evaluated based on the tax component, the cost of the sports, personnel costs and relationships among them. Pearson correlation coefficient, regression coefficients and analysis of variance have been used to examine the hypotheses of the survey. The results show that the political cost, high free cash flow and low growth opportunity had negative correlations with each other. In other words, there was a negative relationship between profit and political costs in companies with high free cash flow and low growth opportunity. Moreover, high free cash flow and low growth opportunities had significant effect on the relationship between political costs and benefits in companies listed in Tehran Stock Exchange.

SOFTWARE SOLUTIONS FOR MEASURING AND FORECASTING THE CASH GENERATING UNIT FLOWS RELATED TO INTANGIBLE ASSETS

Directory of Open Access Journals (Sweden)

Veronica R GROSU

2016-08-01

Full Text Available In light of the difficulties encountered in assessing the value of the CGU (Cash Generating Unit and of the cash flows associated with goodwill or other intangible assets of a company and after performing the impairment test as provided by the IAS 36-Intangibile Asset and the forecasts related to it, the aim of this paper is to identify and suggest software instruments that would assist in the measurement and forecasting of these elements. The employment of the SPSS and the NeuroShell programmes in analyzing and forecasting the changes in CGU and CGU flows has helped compare the results and the ensuing error margins, thus giving the business entity the possibility to select the best software option, depending on certain variables identified on a micro or a macroeconomic level that may affect the depreciation or the increases in value of the underlying assets for CGU or CGU flows.

Cash Advance Accounting: Accounting Regulations and Practices

Directory of Open Access Journals (Sweden)

Aristita Rotila

2012-12-01

Full Text Available It is known the fact that often the entities offer to staff or third parties certain amounts of money, in order to make payments for the entities, such sums being registered differently in the accounting as cash advances. In the case in which the advances are offered in a foreign currency, there is the problem of the exchange rate used when justifying the advance, for the conversion in lei of payments that were carried out. In this article we wanted to signal the effect that the exchange rate, used in the assessment for reflecting in the accounting operations concerning cash advance reimbursements in a foreign currency, has on the information presented in the financial statement. Therewith, we signal some aspects from the content of the accounting regulations, with reference at defining the cash advances, meaning, and the presentation in the balance sheet of cash advances, which, in our opinion, impose clarifications.

Budgetary cash flows in the EU and their impact on national budget liquidity: the case of Slovenia

Directory of Open Access Journals (Sweden)

Tanja Markovič Hribernik

2005-12-01

Full Text Available On May 1, 2004 ten new states joined the EU. At the same time, budgetary cash flow mechanisms between the EU budget (as the central subject and national budgets were established. Despite the fact that all the rules are clear and known in advance - stipulated by the EU directives and regulations - there are some uncertainties, which may have an important effect on the liquidity as well as on the budgetary cash flows in new member states. The greatest problem for the liquidity of new member states’ budgets is posed by the time lags between inflows and outflows of EU funds. These lags are mainly because of delayed payments from the EU budget and problems with some member state’s absorption capacity. This article deals with the dynamics and the scale of budgetary cash flows between the Slovenian budget and the EU budget until 2006. A couple of likely scenarios are presented, which could happen in case of delayed payments of European funds. Consequently, both an unexpected state budget liquidity deficit and an additional burden arising from interest on delayed payments to the Brussels are possible for Slovenia.

Why Cash Flow Is No Longer for Wimps

Science.gov (United States)

Curry, John R.; Hutton, Lyn

2012-01-01

Managing liquidity--a college or university's ability to access cash quickly or to easily convert assets to cash--is an increasingly crucial component of enterprise risk management. Liquidity risks lurk around nearly every corner--in the endowment portfolio, the debt portfolio, and in working-capital management. It also influences students'…

A Priority Rule-Based Heuristic for Resource Investment Project Scheduling Problem with Discounted Cash Flows and Tardiness Penalties

Directory of Open Access Journals (Sweden)

Amir Abbas Najafi

2009-01-01

Full Text Available Resource investment problem with discounted cash flows (RIPDCFs is a class of project scheduling problem. In RIPDCF, the availability levels of the resources are considered decision variables, and the goal is to find a schedule such that the net present value of the project cash flows optimizes. In this paper, we consider a new RIPDCF in which tardiness of project is permitted with defined penalty. We mathematically formulated the problem and developed a heuristic method to solve it. The results of the performance analysis of the proposed method show an effective solution approach to the problem.

Consumer-driven health plans: latest challenge to practices' cash flow.

Science.gov (United States)

Hajny, Tom

2007-01-01

CDHPs are here to stay. Employers welcome CDHPs because they drive costs away from themselves and into the hands of both consumers and provides. The consumer will make medical purchase decisions tempered by personal economic considerations. The providers are left to figure it all out with the hope their cash flow, cost budgets, and customer service will not be negatively impacted. It will not be easy. Practices must become educated on how CDHPs work, become knowledgeable about specific HSA scenarios in their market, develop optimum processes and procedures, and train staff.

REVERSE CHARGE AND THE CASH FLOW OF THE PUBLIC BUDGETS IN THE CZECH REPUBLIC

Directory of Open Access Journals (Sweden)

Kohoutková Růžena

2015-12-01

Full Text Available Reverse charge is currently used as a measure against VAT carousel fraud. Its extension to all goods and services is discussed among the tax policy makers at the national and EU level. Opponents of general reverse-charge argue that this method of VAT collection would completely change the nature of the VAT system. One of the practical drawbacks of reverse charge is the negative impact on the cash flow of the public budgets. This article quantifies the average monthly financing available to the State thanks to delayed repayments of input tax to VAT payers under the normal VAT system. This amount equals to almost 53 billion CZK and represents the negative impact of the general reverse charge on the cash flow of the public budgets. A change in the deadline for remitting VAT or introducing VAT advances to be paid prior to the final tax payment would reduce the negative influence on public finances.

Vehicle Infrastructure Cash-Flow Estimation--VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

Energy Technology Data Exchange (ETDEWEB)

Mitchell, G.

2015-04-02

This presentation discusses the differences between the original Vehicle and Infrastructure Cash-Flow Evaluation (VICE) Model and the revamped version, VICE 2.0. The enhanced tool can now help assess projects to acquire vehicles and infrastructure, or to acquire vehicles only.

Inflation, operating cycle, and cash holdings

Directory of Open Access Journals (Sweden)

Yanchao Wang

2014-12-01

Full Text Available A corporate cash-holding strategy is a trade-off between the costs and benefits of holding cash. At the macrolevel, firms are inclined to adjust and optimize their cash-holding strategies in response to changes in purchasing power due to inflation. At the microlevel, the operating cycle, which indicates the speed and turnover of corporate cash flow, also influences the corporate cash-holding strategy. Firms flexibly adjust their cash-holding strategies in response to changes in the internal and external environment, which is referred to as the cash adjustment strategy. We examine these predicted relationships using a sample of listed firms in China’s stock market over the 1998–2009 period. Consistent with our predictions, the empirical results indicate a significant negative association between cash holdings and the CPI, but the relationship is reversed when the CPI reaches a certain level. There is also a U-shaped relationship between operating cycle and cash holdings, and this relationship is similarly influenced by changes in the inflation level. In examining the macroeconomic environment and microlevel firm-specific characteristics simultaneously, our findings supplement the literature on firms’ cash-holding strategies and provide theoretical and practical implications.

The Determinants of Corporate Cash Holdings- An Empirical study from UK Firms

OpenAIRE

GUO, YI

2013-01-01

Cash holding is most important financial decision in the company management strategy. In this dissertation, the determinants of corporate cash holdings in UK non-financial publicly traded firms over the period from 2003 to 2012 are investigated. Our study finds that growth opportunities and cash flow and cash flow variability are positively associated with the level of corporate cash holdings, while firm size, leverage, net working capital, bank debt and dividend payment have negative impact ...

Przepływy finansowe w ujęciu ex ante

OpenAIRE

Walińska, Ewa

1997-01-01

Cash and fund flows are the subject of additional financial statement (cash flow statements or funds flow statement) and then they reflect past events. On the other hand they are material element of financial management and in this role they refer to future financial position of enterprise. The role of fund and cash flows has increased lately in Poland which is the consequence of changing economic environment of polish business entities. Flows are used not only in the proces...

Southwestern Power Administration Combined Financial Statements, 2006-2009

Energy Technology Data Exchange (ETDEWEB)

None

2009-09-01

We have audited the accompanying combined balance sheets of the Southwestern Federal Power System (SWFPS), as of September 30, 2009, 2008, 2007, and 2006, and the related combined statements of revenues and expenses, changes in capitalization, and cash flows for the years then ended. As described in note 1(a), the combined financial statement presentation includes the hydroelectric generation functions of another Federal agency (hereinafter referred to as the generating agency), for which Southwestern Power Administration (Southwestern) markets and transmits power. These combined financial statements are the responsibility of the management of Southwestern and the generating agency. Our responsibility is to express an opinion on these combined financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Southwestern and the generating agency’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall combined financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the combined financial statements referred to above present fairly, in all material respects, the respective financial position of the Southwestern Federal Power

財務諸表の表示の一体性の論拠 : 財政状態変動表の現代的意義

OpenAIRE

小西, 範幸; KONISHI, Noriyuki

2012-01-01

There are some gaps between cash flow and income flow in the financial statements, because of existence of time lag and non-cash in the transactions. This study aims to examine the relations between cash flow and income flow by report of changes in financial position. There are core financial statement presentation principles - cohesiveness and disaggregation. Cohesiveness means that the relationship among items across the financial statements is clear. Disaggregation means separating resourc...

EDF Energy Holdings Limited, Registered Number 06930266, Annual report and financial statements 31 December 2013

International Nuclear Information System (INIS)

2014-01-01

EDF Energy Holdings Limited and subsidiaries make up EDF Energy. The companies' principal activities are to provide and supply electricity and gas to commercial, residential and industrial customers, and to generate electricity through a portfolio of generation assets including nuclear, coal fired, gas and renewable generation. EDF Energy is also involved in the construction of new build nuclear assets. This document is the annual report and financial statements of the company for the year 2013. Contents: 1 - Strategic report; 2 - Directors' report; 3 - Directors' responsibility statement; 4 - Independent Auditor's report; 5 - Consolidated income statement; 6 - Consolidated statement of comprehensive income; 7 - Consolidated balance sheet; 8 - Consolidated cash flow statement; 9 - Consolidated statement of changes in equity 10 - Notes to the consolidated financial statements; 11 - Company balance sheet; 12 - Notes to the Company financial statements

EDF Energy Holdings Limited, Registered Number 06930266, Annual report and financial statements 31 December 2014

International Nuclear Information System (INIS)

2015-01-01

EDF Energy Holdings Limited and subsidiaries make up EDF Energy. The companies' principal activities are to provide and supply electricity and gas to commercial, residential and industrial customers, and to generate electricity through a portfolio of generation assets including nuclear, coal fired, gas and renewable generation. EDF Energy is also involved in the construction of new build nuclear assets. This document is the annual report and financial statements of the company for the year 2014. Contents: 1 - Strategic report; 2 - Directors' report; 3 - Directors' responsibility statement; 4 - Independent Auditor's report; 5 - Consolidated income statement; 6 - Consolidated statement of comprehensive income; 7 - Consolidated balance sheet; 8 - Consolidated cash flow statement; 9 - Consolidated statement of changes in equity 10 - Notes to the consolidated financial statements; 11 - Company balance sheet; 12 - Notes to the Company financial statements

The Economic Role and Limitations of Cooperatives: An Investment Cash Flow Derivation

OpenAIRE

Peterson, H. Christopher

1992-01-01

The economic role and limitations of cooperatives are derived using an approach based on investment cash flows and net present value. Cooperatives are viewed as an option for member investment as well as an option for member patronage. The investment approach yields results similar to the traditional paradigms that focus on patronage. In addition, the approach makes more explicit the impact of member investment on cooperative existence, valuation, performance measurement, and strategy options.

Is There a Difference in Credit Constraints Between Private and Listed Companies in Brazil? Empirical Evidence by The Cash Flow Sensitivity Approach

Directory of Open Access Journals (Sweden)

Alan Nader Ackel Ghani

2015-04-01

Full Text Available This article analyzes the credit constraints, using the cash flow sensitivity approach, of private and listed companies between 2007 and 2010. According to this approach, the econometric results show that the credit constraints are the same for either private or listed companies. This paper seeks to contribute to the literature because the study of credit constraints of private companies based on cash flow sensitivity in Brazil has been rare.

Areva - 2013 annual results: breakeven free operating cash flow objective reached despite a difficult environment

International Nuclear Information System (INIS)

Duperray, Julien; Grange, Aurelie; Rosso, Jerome; Thebault, Alexandre; Scorbiac, Marie de; Repaire, Philippine du

2014-01-01

The Areva group reached a major milestone in 2013 in turning performance around by meeting a key objective of its Action 2016 plan: the return to breakeven of free operating cash flow. For the first time since 2005, cash generated by the Group's operations allowed it to fully fund strategic capital expenditures essential to the group's profitable growth. To achieve this result, Areva built on robust growth in nuclear operations, on contributions from its cost reduction plan and on strict management of capital spending. However, two projects launched in the previous decade (OL3 and a power plant modernization) and the Renewable Energies business impacted negatively the group's 2013 net income. On the Renewable Energies market, in a situation marked by a reduction of capital spending by customers, AREVA anticipated the consolidation required in the sector by implementing industrial partnerships such as the joint venture project with Gamesa, which aims to create a European champion in offshore wind. Similar initiatives were undertaken in solar energy and energy storage. The Group continues to implement the Action 2016 plan to pursue its recovery. While the economic environment remains uncertain and projects launched in the previous decade remain a burden, the Group forecasts further performance improvement and significant growth in cash flow generation by the end of the plan

Governance mechanisms, investment opportunity set and SMEs cash holdings

OpenAIRE

Belghitar, Yacine; Khan, James

2013-01-01

This study analyses the effect of firm characteristics and governance mechanisms on cash holdings for a sample of UK SMEs. The results show that UK SMEs with greater cash flow volatility and institutional investors hold more cash; whereas levered and dividend paying SMEs with non-executive ownership hold less cash. We also find that ownership structure is significant only in explaining the cash holdings for firms with high growth investment opportunities, and leverage is only significant in e...

EDF Energy Holdings Limited, Registered Number 06930266, Annual report and financial statements 31 December 2015

International Nuclear Information System (INIS)

2016-01-01

EDF Energy Holdings Limited and subsidiaries make up EDF Energy. The companies' principal activities are to provide and supply electricity and gas to commercial, residential and industrial customers, and to generate electricity through a portfolio of generation assets including nuclear, coal fired, gas and renewable generation. EDF Energy is also involved in the construction of new build nuclear assets. This document is the annual report and financial statements of the company for the year 2015. Contents: 1 - Strategic report; 2 - Directors' report; 3 - Directors' responsibility statement; 4 - Independent Auditor's report; 5 - Consolidated income statement; 6 - Consolidated statement of comprehensive income; 7 - Consolidated balance sheet; 8 - Consolidated cash flow statement; 9 - Consolidated statement of changes in equity 10 - Notes to the consolidated financial statements; 11 - Company balance sheet; 12 - Company statement of changes in equity; 13 - Notes to the Company financial statements

CONTEMPORARY APPROACHES OF COMPANY PERFORMANCE ANALYSIS BASED ON RELEVANT FINANCIAL INFORMATION

Directory of Open Access Journals (Sweden)

Sziki Klara

2012-12-01

Full Text Available In this paper we chose to present two components of the financial statements: the profit and loss account and the cash flow statement. These summary documents and different indicators calculated based on them allow us to formulate assessments on the performance and profitability on various functions and levels of the company’s activity. This paper aims to support the hypothesis that the accounting information presented in the profit and loss account and in the cash flow statement is an appropriate source for assessing company performance. The purpose of this research is to answer the question linked to the main hypothesis: Is it the profit and loss statement or the cash flow account that reflects better the performance of a business? Based on the literature of specialty studied we tried a conceptual, analytical and practical approach of the term performance, overviewing some terminological acceptations of the term performance as well as the main indicators of performance analysis on the basis of the profit and loss account and of the cash flow statement: aggregated indicators, also known as intermediary balances of administration, economic rate of return, rate of financial profitability, rate of return through cash flows, operating cash flow rate, rate of generating operating cash out of gross operating result. At the same time we had a comparative approach of the profit and loss account and cash flow statement, outlining the main advantages and disadvantages of these documents. In order to demonstrate the above theoretical assessments, we chose to analyze these indicators based on information from the financial statements of SC Sinteza SA, a company in Bihor county, listed on the Bucharest Stock Exchange.

The Determinants and Implications of Corporate Cash Holdings

OpenAIRE

Tim Opler; Lee Pinkowitz; Rene Stulz; Rohan Williamson

1997-01-01

We examine the determinants and implications of holdings of cash and marketable" securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growth" opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firms" that have the greatest access to the capital markets (e.g. large firms and those with credit" ratings) tend to hold lower ratios of cash to total assets. These results are consistent with the" view that firms hold liquid assets...

Cash efficiency for bank branches.

Science.gov (United States)

Cabello, Julia García

2013-01-01

Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks' branches is also a relevant issue as any significant improvement in cash management at the bank distribution channels may have a positive effect in reducing liquidity tensions. In this paper, we propose a simple programme of cash efficiency for the banks' branches, very easy to implement, which conform to a set of instructions to be imposed from the bank to their branches. This model proves to significantly reduce cash holdings at branches thereby providing efficiency improvements in liquidity management. The methodology we propose is based on the definition of some stochastic processes combined with renewal processes, which capture the random elements of the cash flow, before applying suitable optimization programmes to all the costs involved in cash movements. The classical issue of the Transaction Demand for the Cash and some aspects of Inventory Theory are also present. Mathematics Subject Classification (2000) C02, C60, E50.

Alaska Power Administration combined financial statements, schedules and supplemental reports, September 30, 1996 and 1995

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-04-01

This report presents the results of the independent certified public accountants` audit of the Department of Energy`s Alaska Power Administration`s (Alaska) financial statements as of September 30, 1996. The auditors have expressed an unqualified opinion on the 1996 combined statements of assets, Federal investment and liabilities, and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The auditors` report on Alaska`s internal control structure disclosed no reportable conditions that could have a material effect on the financial statements. The auditors also considered the overview and performance measure data for completeness and material consistency with the basic financial statements, as noted in the internal control report. The auditor`s report on compliance with laws and regulations disclosed no instances of noncompliance by Alaska.

The Importance of using Discounted Cash Flow Methodology in Techno-economic Analyses of Energy and Chemical Production Plants

Directory of Open Access Journals (Sweden)

Zorka Novak Pintarič

2017-06-01

Full Text Available This paper demonstrates the correct application of discounted cash flow methodology forevaluating and designing energy and chemical production plants. Such processes usuallycorrespond to capital intensive long-term projects. Simple economic criteria, like theprofit or production cost are insufficient for this type of decision making because they donot take into account the time value of money and underestimate the profitabilities of theevaluated plants. This paper shows that some of those criteria based on the discountedcash flows establish suitable compromises between long-term cash flow generation andprofitability. As several alternative options are usually evaluated in parallel, it is shownhow to rank mutually exclusive alternatives properly and how to select the best optionfrom among them. Two large-scale case studies demonstrate that using discounted cashflow methodology can result in substantially different decisions than non-discountedcriteria, however, these decisions are affected by several input parameters.

EDF Energy Holdings Limited, Registered Number 06930266, Annual report and financial statements 31 December 2016

International Nuclear Information System (INIS)

2017-01-01

EDF Energy Holdings Limited and subsidiaries make up EDF Energy. The companies' principal activities are to provide and supply electricity and gas to commercial, residential and industrial customers, and to generate electricity through a portfolio of generation assets including nuclear, coal fired, gas and renewable generation. EDF Energy is also involved in the construction of new build nuclear assets. This document is the annual report and financial statements of the company for the year 2016. Contents: 1 - Strategic report; 2 - Directors' report; 3 - Directors' responsibility statement; 4 - Independent Auditor's report to the Members of EDF Energy Holdings Limited; 5 - Consolidated income statement; 6 - Consolidated statement of comprehensive income; 7 - Consolidated balance sheet; 8 - Consolidated cash flow statement; 9 - Consolidated statement of changes in equity 10 - Notes to the consolidated financial statements; 11 - Company balance sheet; 12 - Company statement of changes in equity; 13 - Notes to the Company financial statements

Factors Affecting Corporate Cash Holding of Non-Financial Firms in Pakistan

Directory of Open Access Journals (Sweden)

Atif Kafayat

2014-06-01

Full Text Available The previous researches explore the question of why firms hold cash. But there are few researches done in developing countries like Pakistan. The need for cash is characterized by its policies of firms regarding capital structure, working capital requirements, cash flow management, dividend payments, and asset management. In this paper, the impact of these factors is normally analyzed under the framework of Tradeoff theory, Pecking Order Theory and Free Cash Flow Theory. This paper focuses on determining the level of corporate cash holdings of non-financial Pakistani firms, and cash holding requirement among different industries. The data is set for period of 2008- 2012 by using the data of 40companies and 6 industries. The findings of the study support the theories. Which show that firm size, net working capital, leverage, Capital Expenditure and Dividend significantly affect the cash holdings of non-financial firms in Pakistan.

MANAGEMENT OF CASH FLOWS OF THE ENTERPRISE AND THEIR OPTIMIZATION

Directory of Open Access Journals (Sweden)

Natalie V. Gryzunova

2015-01-01

Full Text Available The purpose of this work is the analysis of structure and process of management of cash flows of the enterprise, researchof a financial position and development of recommendationsabout increase of effective management of cash fl ows. When performing work various methods of research were applied:fi nancial, coeffi cient, ekonomiсo-mathematical, etc. As a result of the analysis reserves of increase of management efficiency are revealed and models of free cash flows, the most actual for group of the considered enterprises are offered.

MODEL DE PREZENTARE A FLUXURILOR DE NUMERAR DEZVOLTAT PRIN METODA DIRECTĂ

OpenAIRE

Daniel BRÎNDESCU – OLARIU

2013-01-01

The information supplied by the cash-flow statement represents an important basis in the decision-making process for all the stakeholders of the company. The utility of the cash-flow statements built through the direct method is superior to that of the cash-flow statements built through the indirect method, but the direct method is employed with a significantly lower frequency because of the difficulty in accessing the required accounting data. A study conducted over a sample of 50 companies ...

Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling

Directory of Open Access Journals (Sweden)

Ali KABAKÇI

2011-01-01

Full Text Available Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash management approach and pooling technique in order to optimize the parent-subsidiary and inter-subsidiary cash flows.

ChargeOut! : determining machine and capital equipment charge-out rates using discounted cash-flow analysis

Science.gov (United States)

E.M. (Ted) Bilek

2007-01-01

The model ChargeOut! was developed to determine charge-out rates or rates of return for machines and capital equipment. This paper introduces a costing methodology and applies it to a piece of capital equipment. Although designed for the forest industry, the methodology is readily transferable to other sectors. Based on discounted cash-flow analysis, ChargeOut!...

Specifics of financial management of holdings when managing cash-flow

Directory of Open Access Journals (Sweden)

David Ficbauer

2010-01-01

Full Text Available Concentration and cooperation belong to the main attributes of the modern business life. Business competition makes the start of a new business more difficult. Just the moment of concentration and cooperation can make the break to the new business easier. This can be achieved by including new businesses into holding companies. Basically there are two ways how to do a business. These depend on whether company carries out many lines of business or on the amount of asset. The first way is to cover everything with one enterprise and thus to create one accounting unit. The second way is based on a foundation of a holding structure with subsidiaries and the holder on the top. In fact holding is a specific way how to cover business by many subsidiaries.The goal of this article is to describe specifics of a financial management of holdings when managing cash-flow. The focus is on reasons of holding structure and usage of both theoretical and other models of managing cash such as Baumol model, Miller-Orr model and Beránek model. As transfers within the holding organization belong to the main advantageous of holding, the way how to transfer finance from one subsidiary to other or from subsidiary to holder or reversely is handled here.

Cash pooling

OpenAIRE

Lozovaya, Karina

2009-01-01

This work makes a mention of cash management. At next chapter describes two most known theoretical models of cash management -- Baumol Model and Miller-Orr Model. Principal part of work is about cash pooling, types of cash pooling, cash pooling at Czech Republic and influence of cash pooling over accounting and taxes.

DETERMINANTS AND OPTIMAL LEVEL OF CORPORATE CASH HOLDINGS: EVIDENCE FROM US, UK AND JAPAN

OpenAIRE

Zhang, Shan Shan

2013-01-01

This paper firstly investigates the empirical determinants of corporate cash holdings for a sample of listed US, UK and Japanese firms during the 2000-2012 period. Through applying the pooled time-series cross-sectional estimations, cross-sectional estimations and GMM two-step method of estimations, the results reveal that firms’ cash flow, cash flow variability, bank debt and degree of shareholders protection and creditor protection all have inverse relationship with cash holdings. Contraril...

EBITDA/EBIT and cash flow based ICRs: A comparative approach in the agro-food system in Italy

Directory of Open Access Journals (Sweden)

Mattia Iotti

2012-05-01

Full Text Available The interest coverage ratios (ICRs are used to quantify the ability of firms to pay financial debts; ICRs are then considered by banks such as covenants in the financing term sheet, and are used by researchers and the rating agencies to estimate the probability of default of firms. Typically, ICRs calculation is based on profit margins, such as EBITDA and EBIT; EBITDA and EBIT approximate, but do not directly express, cash flows available to pay financial debts. The article aims to evaluate whether there are significant differences in results using ICRs based on EBITDA or EBIT and ICRs based on different definitions of cash flow (CF. The application is made to a sample of firms characterized by high absorption of capital operating in the Italian agro-food sector. The article highlights that there are statistically significant differences using ICRs EBITDA and EBIT based and ICRs based on different CF definitions.

Informational Capacity of the Financial Statements of Brazilian Banks: An Analysis from the Perspective of Liquidity Risk

Directory of Open Access Journals (Sweden)

Orleans Silva Martins

2012-12-01

Full Text Available This study aims to analyze the financial statements of Brazilian banks, from the perspective of liquidity risk by exploring whether the Statements of Cash Flows and Notes to these companies meet the requirements concerning the dissemination of liquidity risk demands by IFRS 7 and the principles of the Basel Committee. Additionally, we investigated whether the coefficients of box cover these companies, calculated from the DFC, show some respect to compliance with those requirements. For that, was raised a theoretical framework about liquidity and liquidity risk, and the role of DFC and Notes before the disclosure of information relating to liquidity. Accordingly, an exploratory study was conducted with the 28 companies that comprise the Banks segment of the BM&F Bovespa, through its financial statements for the year 2009. The main results indicate a low capacity of these informative statements about the situation and liquidity risk, given that only 60.71% of the requirements contained in the standards were met. Still, we conclude that the mere fact that it has good cash coverage ratios is not a necessary condition to be among the companies that meet the disclosure requirements of the situation and liquidity risk, or vice versa. Thus, even when companies have good liquidity indicators, the information required by the IASB and the BCBS has not been disclosed in its financial statements.

EDF - 2005 Consolidated Annual Results - Analysts' Presentation. Consolidated financial statements at December 31, 2005

International Nuclear Information System (INIS)

2006-01-01

As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2005 annual results and Consolidated financial statements of the Group at 31 December 2005: Consolidated income statements, consolidated balance sheets, consolidated cash flow statements, variation in consolidated equity, notes (group accounting policies, impact of first-time application of IFRs, transition to standards IAS 32 and 39 concerning financial instruments, summary of accounting and valuation methods, public distribution concessions in France, significant events and transactions of 2005, impact of the law of august 9, 2004 on comparability, changes in the scope of consolidation, segment reporting, sales, fuel and energy purchases, other external expenses, contractual obligations and commitments entered into in the course of business, personnel expenses, other operating income and expenses, other income and expenses, financial result, income taxes, basic earnings per share and diluted earnings per share, goodwill, other intangible assets, property, plant and equipment, investments in companies accounted for under the equity method, financial assets, inventories, including work-in-process, trade receivables, other receivables, cash and cash equivalents, available-for-sale assets and liabilities, equity, provisions, special concession liabilities, current and non-current financial liabilities, derivatives, other liabilities, related parties, greenhouse gas emission quotas, environment, subsequent events, scope of consolidation

Is Investment-Cash flow Sensitivity a Good Measure of Financing Constraints? New Evidence from Indian Business Group Firms

NARCIS (Netherlands)

George, R.; Kabir, M.R.; Qian, J.

2005-01-01

Several studies use the investment - cash flow sensitivity as a measure of financing constraints while some others disagree.The source of this disparity lies mostly in differences in opinion regarding the segregation of severely financially constrained firms from less constrained ones.We examine

Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling)

OpenAIRE

Ali KABAKÇI

2011-01-01

Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash m...

Şirket Değerlemede İndirgenmiş Nakit Akımları Yöntemi’nin Bir Girdisi Olarak Devam Eden Değer’in Belirlenmesi(In Corporate Valuation Determination of Continuing Value As A Input of Discounted Cash Flows Method)

OpenAIRE

Mustafa KIRLI

2005-01-01

Three basic inputs or three independent variables are used in the applications of corporate valuation which considers discounted cash flows method.These are cash flows realized in the future,discount rate and continuing value.Continuing value is the company value of present value of cash flows after explicit forecast period.There are two basic approaches in the estimating of continuing value.First approach considers the cash flows after explicit forecast period and suggests Gordon Model,Valu...

Saskatchewan Energy Holdings Ltd. consolidated financial statements

International Nuclear Information System (INIS)

1991-01-01

The consolidated financial statements of Saskatchewan Energy Holdings Ltd. (formerly Saskatchewan Energy Corporation) as of December 31, 1990, and the consolidated statements of earnings and retained earnings and changes in cash position for the year are presented. Data include an inventory of supplies, natural gas in storage, property, plant and equipment. Financial statements are also presented for the year ending December 31, 1989, with comparative figures for the seven months ending December 31, 1988

Saskatchewan Energy Holdings Ltd. consolidated financial statements

Energy Technology Data Exchange (ETDEWEB)

1991-01-01

The consolidated financial statements of Saskatchewan Energy Holdings Ltd. (formerly Saskatchewan Energy Corporation) as of December 31, 1990, and the consolidated statements of earnings and retained earnings and changes in cash position for the year are presented. Data include an inventory of supplies, natural gas in storage, property, plant and equipment. Financial statements are also presented for the year ending December 31, 1989, with comparative figures for the seven months ending December 31, 1988.

EDF - Annual results 2015. Consolidated financial statements at 31 December 2015. 2015 Management report - Group results

International Nuclear Information System (INIS)

Levy, Jean-Bernard

2016-01-01

As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2015 annual results, management report and Consolidated financial statements of the Group at 31 December 2015, as well as the 2015 activity report: Group results: Key figures; economic environment; significant events of 2015; subsequent events; analysis of the business and the consolidated income statements for 2014 and 2015; net indebtedness, cash flows and investments; management and control of market risks; transactions with related parties; scope of consolidation; principal risks and uncertainties; financial outlook. consolidated financial statements: group accounting standards; comparability; significant events and transactions; regulatory events in France; changes in the scope of consolidation; segment reporting; sales; fuel and energy purchases; other external expenses; personnel expenses; taxes other than income taxes; other operating income and expenses; impairment/reversals; other income and expenses; financial result; income taxes; basic earnings per share and diluted earnings per share; operating assets and liabilities, equity; goodwill; other intangible assets; property, plant and equipment operated under French public electricity distribution concessions; property, plant and equipment operated under concessions for other activities; property, plant and equipment used in generation and other tangible assets owned by the group; investments in associates and joint ventures; inventories; trade receivables; other receivables; equity; provisions; provisions related to nuclear generation - back-end of the nuclear cycle

Cash Management.

Science.gov (United States)

Fischer, Mary L.; Ostrom, John S.

1982-01-01

Elements of an effective management program for colleges and universities are examined. Five basic purposes of an effective program of cash management are identified: developing accurate cash projections, managing cash receipts, controlling cash disbursements, establishing sound banking relationships, and investing funds. It is suggested that all…

Manajemen Laba Pada Perusahaan Dengan Permasalahan Free Cash Flow Dan Peran Moderasi Dari Monitoring Eksternal

OpenAIRE

Tresnaningsih, Elok

2008-01-01

This study examines whether low-growth companies with free cash flow (HFLG) will use income-increasing discretionary accruals to offset the low or negative earnings that inevitably accompany investment with negative net presents values (NPVs). Using 413 manufacturing company year observations over the period 2001-2005, the results show that there is a significantly association between HFLG and increasing discretionary accruals. This study also examines the role o f monitoring by auditors, cre...

A study on relationship between operating cash flows and performance evaluation criteria based on the theory of constraints (TOC versus traditional method

Directory of Open Access Journals (Sweden)

Mohammad Sadegh Arabi Ashtiani

2013-08-01

Full Text Available This study presents an empirical investigation to measure the relationship between traditional accounting performance measurement as well as theory of constraint-based figures with operating cash flow. Traditional accounting measurement includes net profit and return of investment and theory of constraint method includes net profit and return of investment based on theory of constraints. The study selects 69 firms list on Tehran Stock Exchange over the period 2000-2010. Using panel data and fixed effect, the study performs regression analysis and the results confirm that there was a positive relationship between net profit measured by theory of constraints and cash flow and it can be effectively used for performance measurement.

Integrated risk management in a commercial market-maker bank using the 'cash flow at risk' approach

OpenAIRE

Voloshyn, Ihor; Voloshyn, Mykyta

2013-01-01

In this article, on the basis of the "cash flow at risk" approach, the system of the integrated (credit, market, operational and liquidity risks) risk management in a market-maker commercial bank is developed. This system guarantees reaching profitability, liquidity and coverage of banking risks and thus allows the fullest protection of the interests of depositors, creditors and shareholders of the bank providing its sustainable development.

THE VALUATION OF INITIAL SHARE PRICE USING THE FREE CASH FLOW TO FIRM METHOD AND THE REAL OPTION METHOD IN INDONESIA STOCK EXCHANGE

Directory of Open Access Journals (Sweden)

Adhy Listya Paramitha

2014-01-01

Full Text Available The purposes of this study were to determine fair share value, to analyze the factors that influence undervalue and overvalue, and to determine the best valuation method. This study made valuation using real options method and free cash flow to firm method. The results of partial logistic regression on Free Cash Flow to Firm showed that tenor variable and equity variable had positive and significant effects, while dummy variable had a negative and significant effect. In the real option model, tenor variable and implied volatility variable had positive and significant effects, while sheets of share variable had a negative and significant effect

Corporate Financial Flexibility, Investment Activities, and Cash Holding: Evidence From Indonesia

OpenAIRE

Rahmat Heru Setianto; Addenver Kusumaputra

2017-01-01

This paper examines empirically the impact of financial flexibility on investment activities. Furthermore, we also investigate how financial flexibility determines the sensitivity of investment activities to cash flow. Using annual data of Indonesian manufacturing firms spanning five years, our analyses reveal that financial flexibility enhances investment ability and decreases sensitivity of investment activities to cash flow. Further analysis indicates that financially flexible firms in Ind...

The incremental information content of earnings, working capital from operations, and cash flows

Directory of Open Access Journals (Sweden)

Simin Banifatemi Kashi

2015-09-01

Full Text Available This paper presents an empirical study to determine the effects of different factors including present profit, depreciation, working capital, operating cash flow and other accruals on future earnings stability. The study selects the information of 124 selected firms from Tehran Stock Exchange over the period 2006-2012. Using two regression analysis, the study has determined that as the fluctuation of profit increases, the profitability increases too. In addition, the study has concluded that firms with minimum fluctuations preserve more stable profitability. Moreover, firms with higher fluctuation in profitability maintain more volatile profitability for the next consecutive period.

配分問題とキャッシュ・フロー会計 -トーマス会計思考の検討-

OpenAIRE

上野, 清貴

1999-01-01

Thomas emphasizes that allocations in the traditional accounting are all arbitrary, they can not represent the real-world, and income statements prepared by allocations are nonsense. He also asserts that the only way to be allocation-free is to prepare cash flow statements, we should stop allocating and measure things in order to make accounting sense, and report cash flow statements instead of traditional income statements. His accounting thoughts are so-called semantic approaches and ones t...

Şirket Değerlemede İndirgenmiş Nakit Akımları Yöntemi’nin Bir Girdisi Olarak Devam Eden Değer’in Belirlenmesi(In Corporate Valuation Determination of Continuing Value As A Input of Discounted Cash Flows Method

Directory of Open Access Journals (Sweden)

Mustafa KIRLI

2005-01-01

Full Text Available Three basic inputs or three independent variables are used in the applications of corporate valuation which considers discounted cash flows method.These are cash flows realized in the future,discount rate and continuing value.Continuing value is the company value of present value of cash flows after explicit forecast period.There are two basic approaches in the estimating of continuing value.First approach considers the cash flows after explicit forecast period and suggests Gordon Model,Value Driver Model and Economic Profit Method.Second approach does not consider the cash flows after explicit forecast period and suggests Liquidation Value Method and Relative Valuation Method.In the applications of corporate valuation,continuing value accounts for anywhere from 50 percent to 125 percent of total company value,therefore these models and methods separetely must be analysed and their results must be evaluated.

A survey on relationship between capital structure, free cash flow and diversification and firm performance of listed companies in Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Mohammad Khodaei Valahzaghard

2014-10-01

Full Text Available This paper presents an empirical investigation to study the effects of free cash flow, share diversification and capital structure on Tobin-Q in selected firms on Tehran Stock Exchange. The population of the survey includes 520 firms listed on this exchange until year 2012 and the survey uses a sample of 105 firms, randomly. The study uses the models originally developed by Palepu (1985 [Palepu, K. (1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3, 239-255.] to measure the effects of different factors on Tobin Q. The study has indicated that while capital structure and free cash flow influence positively on Tobin Q, diversification has maintained a negative and meaningful relationship with Tobin Q.

Do business groups affect corporate cash holdings? Evidence from a transition economy

Directory of Open Access Journals (Sweden)

Weixing Cai

2016-03-01

Full Text Available We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult external capital acquisition. A hand-collected dataset of Chinese firms reveals that group affiliation decreases cash holdings, alleviating the free-cash-flow problem of agency costs. State ownership and control of listed firms moderate this benefit, which is more pronounced when the financial market is less liquid. Group affiliation facilitates related-party transactions, increases debt capacity and decreases investment-cash-flow sensitivity and overinvestment. In transitional economies, privately controlled firms are more likely to benefit from group affiliation than state-controlled firms propped up by the government.

Areva half-year report june 30, 2006

International Nuclear Information System (INIS)

2006-01-01

This document is the half-year financial report of the Areva group for 2006. It presents: 1 - Highlights of the period; 2 - Key data: Summary data, Segment reporting, Backlog, Income statement, Review by business division, Cash flow, Balance sheet data; 3 - Outlook; 4 - Events subsequent to the half-year end; 5 - Consolidated financial statements: Statutory auditors' report on the interim consolidated financial statements for the period January 1, 2006 to June 30, 2006, Consolidated income statement, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of changes in equity, Segment reporting, Notes to the consolidated financial statements

Areva half-year report june 30, 2006; Areva rapport semestriel 30 juin 2006

Energy Technology Data Exchange (ETDEWEB)

NONE

2006-07-01

This document is the half-year financial report of the Areva group for 2006. It presents: 1 - Highlights of the period; 2 - Key data: Summary data, Segment reporting, Backlog, Income statement, Review by business division, Cash flow, Balance sheet data; 3 - Outlook; 4 - Events subsequent to the half-year end; 5 - Consolidated financial statements: Statutory auditors' report on the interim consolidated financial statements for the period January 1, 2006 to June 30, 2006, Consolidated income statement, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of changes in equity, Segment reporting, Notes to the consolidated financial statements.

Areva half-year report june 30, 2006; Areva rapport semestriel 30 juin 2006

Energy Technology Data Exchange (ETDEWEB)

NONE

2006-07-01

This document is the half-year financial report of the Areva group for 2006. It presents: 1 - Highlights of the period; 2 - Key data: Summary data, Segment reporting, Backlog, Income statement, Review by business division, Cash flow, Balance sheet data; 3 - Outlook; 4 - Events subsequent to the half-year end; 5 - Consolidated financial statements: Statutory auditors' report on the interim consolidated financial statements for the period January 1, 2006 to June 30, 2006, Consolidated income statement, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of changes in equity, Segment reporting, Notes to the consolidated financial statements.

OPTIMIZATION OF ATM AND BRANCH CASH OPERATIONS USING AN INTEGRATED CASH REQUIREMENT FORECASTING AND CASH OPTIMIZATION MODEL

Directory of Open Access Journals (Sweden)

Canser BİLİR

2018-04-01

Full Text Available In this study, an integrated cash requirement forecasting and cash inventory optimization model is implemented in both the branch and automated teller machine (ATM networks of a mid-sized bank in Turkey to optimize the bank’s cash supply chain. The implemented model’s objective is to minimize the idle cash levels at both branches and ATMs without decreasing the customer service level (CSL by providing the correct amount of cash at the correct location and time. To the best of our knowledge, the model is the first integrated model in the literature to be applied to both ATMs and branches simultaneously. The results demonstrated that the integrated model dramatically decreased the idle cash levels at both branches and ATMs without degrading the availability of cash and hence customer satisfaction. An in-depth analysis of the results also indicated that the results were more remarkable for branches. The results also demonstrated that the utilization of various seasonal indices plays a very critical role in the forecasting of cash requirements for a bank. Another unique feature of the study is that the model is the first to include the recycling feature of ATMs. The results demonstrated that as a result of the inclusion of the deliberate seasonal indices in the forecasting model, the integrated cash optimization models can be used to estimate the cash requirements of recycling ATMs.

Turkish Accounting Standards, IAS - 39 "Financial Instruments: Recognition and Measurement" Under the Cash Flow Hedge Derivative Products Use: The Case of Forward

Directory of Open Access Journals (Sweden)

Emine ÇINA BAL

2013-06-01

Full Text Available Businesses face interest rate, exchange rate, liquidity, use derivative financial instruments to hedge against such risks. Forward transactions with derivative financial instruments, the non-organized markets, interest rates pre-determined future date, foreign currency contracts that contain delivery of goods as well as financial assets. Cash flow hedge that forms the subject of this study, a recognized asset or liability or a highly probable forecast transaction and the net profit or loss attributable to a particular risk of affecting the nature of a cash flow hedge to hedge changes in the process. Study the case of the application of foreign money has a tangible fixed asset purchases. Related to the purchase of tangible fixed assets at future foreign mercenaries were forward contracts to hedge the cash flow risk. Forward contracts, principal accounts on the balance sheet in accordance with IAS 39 Standard, derivative financial instruments are shown as fixed assets. The fair value of the contract during the contract period at the end of the period to show the valuation differences arising from the valuation of equity shown in the balance sheet. Net valuation differences arising from the contract are accounted for by two separate options. The first option, the net costs associated with the asset valuation difference. The second option is deducted from the amount of depreciation for the asset at the end of the period.

OPTIMIZATION OF ATM AND BRANCH CASH OPERATIONS USING AN INTEGRATED CASH REQUIREMENT FORECASTING AND CASH OPTIMIZATION MODEL

OpenAIRE

Canser BİLİR

2018-01-01

In this study, an integrated cash requirement forecasting and cash inventory optimization model is implemented in both the branch and automated teller machine (ATM) networks of a mid-sized bank in Turkey to optimize the bank’s cash supply chain. The implemented model’s objective is to minimize the idle cash levels at both branches and ATMs without decreasing the customer service level (CSL) by providing the correct amount of cash at the correct location and time. To the best of our knowledge,...

Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

Energy Technology Data Exchange (ETDEWEB)

Emhjellen, Magne; Alaouze, Chris M

2002-07-01

We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

Energy Technology Data Exchange (ETDEWEB)

Emhjellen, Magne; Alaouze, Chris M.

2002-07-01

We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

Discounted Cash Flow and Modern Asset Pricing Methods - Project Selection and Policy Implications

International Nuclear Information System (INIS)

Emhjellen, Magne; Alaouze, Chris M.

2002-01-01

We examine the differences in the net present values (NPV's) of North Sea oil projects obtained using the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method which involves the separate discounting of project cash flow components. NPV differences of more than $1 Om were found for some oil projects. Thus, the choice of valuation method will affect the development decisions of oil companies. The results of the MAP method are very sensitive to the choice of parameter values for the stochastic process used to model oil prices. Further research is recommended before the MAP method is used as the sole valuation model. (author)

Small but effective: India's targeted unconditional cash transfers

OpenAIRE

Puja Dutta; Stephen Howes; Rinku Murgai

2010-01-01

India's approach to social security stresses the provision of subsidized food and public works. Targeted, unconditional cash transfers are little used, and have been little evaluated. An evaluation of cash transfers for the elderly and widows based on national household survey data and surveys on social pension utilization in two of India's states, Karnataka and Rajasthan, reveal that these social pension schemes work reasonably well. Levels of leakage (corruption) are low, funds flow disprop...

Areva half-year report June 30, 2008

International Nuclear Information System (INIS)

2008-01-01

This document is the half-year financial report of the Areva group for 2008. It presents: 1 - the highlights of the period: key data (Summary data, Segment reporting, Backlog, Income statement, Review by division, Cash flow, Balance sheet data); Outlook; 2 - the events subsequent to half-year closing; 3 - the consolidated financial statements: Statutory Auditors' report on half-year 2008 information for the period January 1, 2008 to June 30, 2008, Consolidated income statement, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of change in equity, Segment reporting, Notes to the consolidated financial statements for the period ending June 30, 2008

Areva half-year report June 30, 2008; Areva rapport semestriel 30 juin 2008

Energy Technology Data Exchange (ETDEWEB)

NONE

2008-07-01

This document is the half-year financial report of the Areva group for 2008. It presents: 1 - the highlights of the period: key data (Summary data, Segment reporting, Backlog, Income statement, Review by division, Cash flow, Balance sheet data); Outlook; 2 - the events subsequent to half-year closing; 3 - the consolidated financial statements: Statutory Auditors' report on half-year 2008 information for the period January 1, 2008 to June 30, 2008, Consolidated income statement, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of change in equity, Segment reporting, Notes to the consolidated financial statements for the period ending June 30, 2008.

Deaccessioning and Agency Costs of Free Cash Flow in Manager's Hands: A Formal Model

Directory of Open Access Journals (Sweden)

Andrej Srakar

2014-12-01

Full Text Available The problem of agency costs of free cash flow in manager's hands has been firstly noted by Easterbrook and Jensen. We present one of the first attempts to formally model the problem in light of similar situation faced by managers of museums being allowed (or disallowed to deaccession the artworks from their collections. We show that deaccessioning funds always lead to various forms of agency costs for the museum. This finding applies for any non-profit firm and its endowment. The task lying ahead is to formally prove the general conjecture also for the case of private for-profit firms.

El flujo de caja como determinante de la estructura financiera de las empresas españolas. Un análisis en tiempos de crisis || Cash flow as determinant of financial structure of Spanish firms. Analysis in a crisis period

Directory of Open Access Journals (Sweden)

Rodríguez-Masero, Natividad

2016-06-01

Full Text Available Este trabajo propone el uso de la variable Flujo de Caja Contable de la Explotación (FCE como un factor con incidencia significativa en la estructura financiera de la empresa española en un periodo (2008-2012 caracterizado por dificultades para la financiación empresarial. En la literatura previa son escasos los trabajos que tienen en cuenta esta variable, midiendo la liquidez en la mayoría de los casos con datos obtenidos del Balance y la Cuenta de Resultados y no del Estado de Flujos de Efectivo (EFE. Metodológicamente se usa un análisis multivariante con datos de panel aplicados a una muestra de grandes empresas españolas no cotizadas. Adicionalmente, este trabajo se inserta en el debate teórico existente en la literatura acerca de los factores determinantes de la estructura financiera de las empresas. Los resultados indican que un modelo basado en datos del EFE, principalmente el FCE tiene capacidad predictiva de dicha estructura financiera. || This paper proposes the use of the Cash Flow from Operations (CFO obtained from Cash Flow Statement (CFS as a factor with significant impact on the financial structure of the Spanish firms in a period (2008-2012 that was characterized by dificulties in business finance. In the previous literature, there are few studies that consider this variable, since liquidity in most cases was measured with data obtained from the Balance Sheet and the Income Statement. Methodologically, we have used a multivariate panel data analysis applied to a sample of large Spanish companies not quoted on the stock exchange. Additionally, this work embeds into the theoretical debate existing in the literature about the determinants of the financial structure of firms. The results indicate that a data model based on figures from CSF, mainly the CFO, has predictive ability of the financial structure.

PARTICULARITIES REGARDING THE REFLECTION OF FOREIGN CURRENCY TRANSACTIONS IN FINANCIAL STATEMENTS

Directory of Open Access Journals (Sweden)

Ionela Cristina Breahna Pravat

2014-07-01

Full Text Available The structure and the constituent parts of financial statements are regulated at a national level, mainly by Accounting regulations compliant with European Directives ̶ O.M.P.F. no. 3055/2009, but also by Accounting regulations compliant with International Financial Reporting Standards applied by the trading companies whose securities are rated on a regulated capital market ̶ O.M.P.F. no. 1286/2012. From this latter point of view, an important role is played by IAS 1 “Presentation of Financial Statements”, respectively IAS 21 “The Effects of Changes in Foreign Exchange Rates”. Therefore, this study aims to describe a series of theoretical and practical aspects regarding the particularities of presenting elements generated by foreign currency transactions in financial statements, which are prepared in compliance with the Romanian accounting regulations ̶ balance sheet, profit and loss account, cash flow statement, statement of changes in equity, explanatory notes. The paper also approaches the effect of changes in foreign exchange rates, respectively the accounting recognition of exchange differences, which are specific to different foreign currency operations, according to national regulations (and implicitly, to European Directives, but also according to international regulations (IFRS.

Financial Crisis Now Striking Home for School Districts: Project Delays, Worries About Cash Flow Result of Tight Credit Markets

Science.gov (United States)

Davis, Michelle R.

2008-01-01

This article reports that the crisis besetting U.S. and world financial markets is hitting school districts hard, as they struggle to float the bonds needed for capital projects, borrow money to ensure cash flow, and get access to investment funds locked up in troubled institutions. Some schools districts depend heavily on borrowed money to pay…

Office of Inspector General report on audit of Southwestern Federal Power System combined financial statements and supplemental schedules (with independent auditors` reports thereon) for the years ended September 30, 1997 and 1996

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-10-06

Southwestern Federal Power System (SWFPS) encompasses the operation of 24 hydroelectric power plants by the US Army Corps of Engineers and the marketing of power and energy from those plants by the Southwestern Power Administration (Southwestern) of the US Department of Energy. This report presents the results of the independent certified public accountants` audit of the SWFPS`s combined power system statements of assets, Federal investments and liabilities, and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows.

Free Cash Flow, Agency Theory Dan Signaling Theory: Konsep dan Riset Empiris

Directory of Open Access Journals (Sweden)

Syukriy Abdullah

2016-01-01

Full Text Available This paper discusses the literature on free cash flow (FCF, which is one source of corporate funding that can be distributed to investors after finance all investments with positive NPV. FCF contain agency problems (Jensen, 1986 giving rise to agency costs such as auditing fees. FCF can be distributed through dividends or stock repurchase, but sometimes management does not do so and instead uses for wealth management, such as for bonus and investment that can increase power and reduce the possibility of takeover. FCF can be used by management as a signal about the prospects of the company in the future due to policies such as specially designated dividend and stock repurchase has information content. In addition, some studies suggest that the management policy on FCF correlated with income and dividends smoothing.

A new method to estimate risk and return of non-traded assets from cash flows : The case of private equity funds

NARCIS (Netherlands)

Driessen, J.J.A.G.; Lin, T.C.; Phalippou, L.

2012-01-01

We develop a new methodology to estimate abnormal performance and risk exposure of nontraded assets from cash flows. Our methodology extends the standard internal rate of return approach to a dynamic setting. The small-sample properties are validated using a simulation study. We apply the method to

Financial statements in the function of management decision

Directory of Open Access Journals (Sweden)

Mrvaljević Mirjana

2014-01-01

Full Text Available In this paper discuss on the role and importance of information which are provided by financial statements in business decision-making is considered. Basically, financial reports represent information basis for making economic / financial decisions for a wide range of users because they represent the key source of information about the financial position of a company at the end of a period, about the achieved results of the company for the period, about the cash flow within the company etc. In accordance with the process of globalisation, international frameworks have regulated the accounting standards which have been created and introduced in order to achieve transparency and uniformity of financial reports of any company, regardless its scope of work and the country where it does its business. The management of a company is aimed at the perception of future events and the flow of values within a company as a result of present decisions, while the accounting is ex post oriented. Nevertheless, the connections between accounting and management of a company are important and multiple because it is the effects of management decisions that are evaluated through financial statements, which are the product of company accounting in which all the business decisions are processed.

Incorporating a Time Horizon in Rate-of-Return Estimations: Discounted Cash Flow Model in Electric Transmission Rate Cases

International Nuclear Information System (INIS)

Chatterjee, Bishu; Sharp, Peter A.

2006-01-01

Electric transmission and other rate cases use a form of the discounted cash flow model with a single long-term growth rate to estimate rates of return on equity. It cannot incorporate information about the appropriate time horizon for which analysts' estimates of earnings growth have predictive powers. Only a non-constant growth model can explicitly recognize the importance of the time horizon in an ROE calculation. (author)

Cash Flow Valuation in an Inflactionary World. The Case of World Bank for Regulated Firms

Directory of Open Access Journals (Sweden)

Ignacio Vélez-Pareja

2007-11-01

Full Text Available We show that project evaluation should be based on free cash flows at nominal prices. We present a case where the results from the constant price method are biased upwards and there is a risk to accept bad projects. It is a widespread practice to evaluate projects at constant prices. With an example presented in the training on economic regulation of public utilities developed by the World Bank Institute we asses that methodology. We show an overvaluation of 21% when compared with the current prices methodology and using a correct Weighted Average Cost of Capital, WACC.

Impact of cash conversion cycle on cash holding – A study on FMCG sector

Directory of Open Access Journals (Sweden)

Somnath Das

2017-11-01

Full Text Available In today’s environment, cash conversion cycle is randomly used as a measure of liquidity of the organizations. Cash conversion cycle is considered as the length of time between raw-materials and collection of cash from debtors. It can be used as a benchmarking competitors or comparing companies. On the other hand, Cash holding is one of the most important financial decisions that a manager has to make in any organization. Some organizations hold more cash and some organizations hold less cash. In this study, we perform a survey to make a relationship between Cash Conversion Cycle and Cash Holding.

The financial determinants of corporate cash holdings in an oil rich country: Evidence from Kingdom of Saudi Arabia

Directory of Open Access Journals (Sweden)

Muncef Guizani

2017-09-01

Full Text Available This paper investigates the determinants of the cash holdings for a sample of Saudi firms over the period 2006–2014, using static and dynamic panel models. Our results show that leverage, firm size, capital expenditure, net working capital and cash flow volatility are important in determining cash holdings. When we divide our sample into two sub-samples: petrochemical and non-petrochemical firms, our results show a significant difference between the determinants of cash holdings of the two groups of firms. We also investigate the characteristics of high liquid firms (conservative firms. The results indicate that conservative firms are less leveraged, have large size, have low investment expenditures and have low cash flow fluctuation. Furthermore, dynamic panel estimation indicates that Saudi firms adjust their liquidity holdings quickly towards an endogenous target cash ratio.

Managerial optimism and the impact of cash flow sensitivity on corporate investment: The case of Greece

Directory of Open Access Journals (Sweden)

Dimitrios I. Maditinos

2015-10-01

Full Text Available Purpose - The existence of optimism as a personal psychological characteristic of managers is a necessity in contemporary economy and decision making, although the phenomenon of over-optimism may lead to unfavourable outcomes. The purpose of this study is to examine the optimism bias and its impact on the firms' future performance. Especially regarding the recent years where Greece faces increased economic depression, high percentages of unemployment and lack of budgetary discipline, the goal is therefore, to find whether managerial optimism has an impact on corporate investment of Greek firms. Design/methodology/approach - The investment of firms with optimistic managers is more sensitive to cash flow than the investment of firms with managers who are not optimistic. To test the research question a number of fixed effect panel regressions of capital expenditures (capital expenditures divided by lagged assets is the dependent variable is run. In all regressions we analyse cash flow divided by lagged assets and lagged Tobin's Q as the independent variables, for firms whose managers are classified as optimistic and not optimistic. This classification is based on the optimism "dummy" variable, which is equal to 1 when members of the Executive Board and the Supervisory Board (ALL, only the Executive Board (EB, and only CEO are classified as optimistic. The concept of this study is tested for firms which are listed in the Athens Stock Exchange. A total of 243 firms are recorded, for the time period between 2007 and 2012, including firms from 11 different industries; basic materials, chemicals, consumer goods, consumer services, health care, industrials, financials, oil and gas, technology, telecommunications and utilities. Based on the literature and on related methodology aspects, financial firms are excluded. Findings - It was revealed that managerial optimism affects corporate investment in firms with high degree of closely held shares. Moreover

Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet: Vehicle Infrastructure Cash-Flow Estimation -- VICE 2.0; Clean Cities, Energy Efficiency & Renewable Energy (EERE)

Energy Technology Data Exchange (ETDEWEB)

Gonzales, John

2015-04-02

Presentation by Senior Engineer John Gonzales on Evaluating Investments in Natural Gas Vehicles and Infrastructure for Your Fleet using the Vehicle Infrastructure Cash-flow Estimation (VICE) 2.0 model.

Areva half-year report june 30, 2007

International Nuclear Information System (INIS)

2008-01-01

Information provided in this document concerns the AREVA group as a whole. It presents the highlights and Key data of the first half of 2007, the outlook, the events subsequent to half-year closing, and the Consolidated financial statements. Contents: 1 - Highlights of the period; 2 - Key data: Summary data, Segment reporting, Backlog, Income statement, Review by division, Cash flow, Balance sheet data; 3 - Outlook; 4 - Events subsequent to half-year closing; 5 - Consolidated financial statements: Statutory Auditors' report on half-year information for the period January 1, 2007 to June 30, 2007, Consolidated income statement, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of change in equity, Segment reporting, Notes to the consolidated financial statements for the period ending June 30, 2007

Areva half-year report june 30, 2007; Areva rapport semestriel 30 juin 2007

Energy Technology Data Exchange (ETDEWEB)

NONE

2008-07-01

Information provided in this document concerns the AREVA group as a whole. It presents the highlights and Key data of the first half of 2007, the outlook, the events subsequent to half-year closing, and the Consolidated financial statements. Contents: 1 - Highlights of the period; 2 - Key data: Summary data, Segment reporting, Backlog, Income statement, Review by division, Cash flow, Balance sheet data; 3 - Outlook; 4 - Events subsequent to half-year closing; 5 - Consolidated financial statements: Statutory Auditors' report on half-year information for the period January 1, 2007 to June 30, 2007, Consolidated income statement, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of change in equity, Segment reporting, Notes to the consolidated financial statements for the period ending June 30, 2007.

The potential to reduce the risk of manipulation of financial statements using the identification models of creative accounting

Directory of Open Access Journals (Sweden)

Zita Drábková

2013-01-01

Full Text Available Explanatory power of accounting information is the key question for deciding of users of financial statements. A whole range of economic indicators is available to the users of financial statements to measure the firm productivity. When the accounting statements (and applied methods are manipulated, the economic indicators may reveal clearly different results. The users of financial statements should have the possibility to assess the risk of manipulation of accounting statements in time considering potential risk of accounting fraud. The aim of this paper was based on the synthesis of knowledge from the review of literature, the CFEBT model analysis and Beneish Model proposing a convenient model for identifying risks of manipulation of financial statements. The paper summarizes the outcomes of possibilities and limits of manipulated financial statements and their identification. The testing hypothesis is assessing whether there is a close relation of a loss and an increase in the cash flow in 3–5 years time; whether the sum of the amounts for 3–5 year’s time would reveal the same results respectively. The hypothesis was verified on the accounting statements of the accounting entities of prepared case studies respecting the true and fair view of accounting based on Czech accounting standards.

Western Area Power Administration. Combined power system financial statements

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-02-26

This report presents the results of the independent certified public accountants` audit of the Western Area Power Administration`s combined power system statements of assets, Federal investment and liabilities, and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The auditors` report on Westerns internal control structure disclosed three new reportable conditions concerning the lack of: (1) a reconciliation of stores inventory from subsidiary ledgers to summary financial information, (2) communication of interest during construction and related adjustments to interest on Federal investment, and (3) a system to prevent and detect power billing errors. None of the conditions were considered to be material weaknesses. Western provided concurrence and corrective action plans. The auditors` report on Western`s compliance with laws and regulations also disclosed two new instances of noncompliance. Western failed to calculate nonreimbursable expenses in accordance with the Grand Canyon Protection Act and had an unexplained difference in gross Federal investment balances used to calculate interest on Federal investment. Western provided concurrence and corrective action plans for the instances.

Total 2004 results

International Nuclear Information System (INIS)

2005-02-01

This document presents the 2004 results of Total Group: consolidated account, special items, number of shares, market environment, adjustment for amortization of Sanofi-Aventis merger-related intangibles, 4. quarter 2004 results (operating and net incomes, cash flow), upstream (results, production, reserves, recent highlights), downstream (results, refinery throughput, recent highlights), chemicals (results, recent highlights), Total's full year 2004 results (operating and net income, cash flow), 2005 sensitivities, Total SA parent company accounts and proposed dividend, adoption of IFRS accounting, summary and outlook, main operating information by segment for the 4. quarter and full year 2004: upstream (combined liquids and gas production by region, liquids production by region, gas production by region), downstream (refined product sales by region, chemicals), Total financial statements: consolidated statement of income, consolidated balance sheet (assets, liabilities and shareholder's equity), consolidated statements of cash flows, business segments information. (J.S.)

Analysis of cash holding for measuring the efficiency of cash management: A study on IT sector

Directory of Open Access Journals (Sweden)

Somnath Das

2015-01-01

Full Text Available For measuring the efficiency of management of cash, cash holding is one of the most important financial decisions that the manager of the concerned organization, has to make in the organization. Basically, it is observed that the organization hold cash for future purposes is very negligible. If the organization invested cash in profitable securities then there is some flexibility but when it relates to the capital market holding cash is not advantageous. Generally two contradictory theories such as Trade-off theory and the Pecking order theory are considered for measuring the efficiency of cash management. In this study we generally observed measured the efficiency of Cash Management influenced by Cash Holding. We also measured whether cash holding of the organization is affected with the degree of financial leverage, size of the organization, investment and profitability. This study helps us to understand the influence of DFL, Investment and Size of the organization on Cash holding. Proper holding of cash in cash management can prevent the bankruptcy of any organization and also increases the efficiency of Cash or Liquidity management.

Prudency reviews, cash management issues emerge

International Nuclear Information System (INIS)

Anon.

1985-01-01

Utility management is paying increasing attention to the broadening of regulatory commission prudency reviews to cover operating generating plants as well as those under construction. Utilities can expect a prudency review after a major outage, and should investigate the possibility for legal action against a third party or be prepared to defend itself. The Shoreham nuclear plant serves as a warning to utilities of the need for on-going documentation of cost-benefit analyses conducted during the construction period. Utility managers should demand a prudency standard from their regulators, and minority owners in large projects should make independent prudency findings. There is also a growing need for utilities to develop intelligent strategies for handling excess cash. Methods for handling cash flow include the financial investment, grid refurbishment, dividend payout, decapitalization, and diversification

Excess cash holdings and shareholder value

OpenAIRE

Lee, Edward; Powell, Ronan

2011-01-01

We examine the determinants of corporate cash holdings in Australia and the impact on shareholder wealth of holding excess cash. Our results show that a trade-off model best explains the level of a firm’s cash holdings in Australia. We find that 'transitory' excess cash firms earn significantly higher risk-adjusted returns compared to 'persistent' excess cash firms, suggesting that the market penalises firms that hoard cash. The marginal value of cash also declines with larger cash balances, ...

Rating Your Cash Manager?

Science.gov (United States)

Nielsen, George A.; Johannisson, Eric E.

1989-01-01

The primary objective of a public cash management policy should include safety, liquidity, yield, and legality. Contains a cash management policy/procedure checklist, a test for cash managers, and a formula for calculating the rate of return. (MLF)

Cash Management Policies By Evolutionary Models: A Comparison Using The MILLER-ORR Model

Directory of Open Access Journals (Sweden)

Marcelo Botelho da Costa Moraes

2013-10-01

Full Text Available This work aims to apply genetic algorithms (GA and particle swarm optimization (PSO to managing cash balance, comparing performance results between computational models and the Miller-Orr model. Thus, the paper proposes the application of computational evolutionary models to minimize the total cost of cash balance maintenance, obtaining the parameters for a cash management policy, using assumptions presented in the literature, considering the cost of maintenance and opportunity for cost of cash. For such, we developed computational experiments from cash flows simulated to implement the algorithms. For a control purpose, an algorithm has been developed that uses the Miller-Orr model defining the lower bound parameter, which is not obtained by the original model. The results indicate that evolutionary algorithms present better results than the Miller-Orr model, with prevalence for PSO algorithm in results.

Total 2004 results

Energy Technology Data Exchange (ETDEWEB)

NONE

2005-02-01

This document presents the 2004 results of Total Group: consolidated account, special items, number of shares, market environment, adjustment for amortization of Sanofi-Aventis merger-related intangibles, 4. quarter 2004 results (operating and net incomes, cash flow), upstream (results, production, reserves, recent highlights), downstream (results, refinery throughput, recent highlights), chemicals (results, recent highlights), Total's full year 2004 results (operating and net income, cash flow), 2005 sensitivities, Total SA parent company accounts and proposed dividend, adoption of IFRS accounting, summary and outlook, main operating information by segment for the 4. quarter and full year 2004: upstream (combined liquids and gas production by region, liquids production by region, gas production by region), downstream (refined product sales by region, chemicals), Total financial statements: consolidated statement of income, consolidated balance sheet (assets, liabilities and shareholder's equity), consolidated statements of cash flows, business segments information. (J.S.)

SOME DISCLOSURE ASPECTS REGARDING CONSOLIDATED FINANCIAL STATEMENTS

Directory of Open Access Journals (Sweden)

Cirstea Andreea

2013-07-01

Full Text Available The purpose of this article is to analyze the current state of consolidated reporting practice harmonization concerning the choice of presenting the income statement, the changes in equity, the methods used for presenting the cash flow statement, the extant methods for evaluating and reporting goodwill, the extant methods in which jointly controlled entities are accounted in the consolidated financial statements, or the choice for recognizing investments in subsidiaries, jointly controlled entities and associates in the separate statements of the parent company. In order to achieve our goal we selected the first 10 groups, in order of their capitalization value, that were listed on each of the following capital markets: London Stock Exchange, NYSE Euronext (Paris Stock Exchange and Deutsche Börse (Frankfurt Stock Exchange and we analyzed, in a qualitative and in a quantitative manner, for a period of six years starting with 2007, their consolidated financial statements with the design to establish exactly which of the aspects stated in the International Financial Reporting Standards were being used for the items presented above. In order to complete the empirical research part of the paper that addresses from a comparative perspective the evaluation of the degree of material harmony between the reporting practices of groups listed on the three stock exchanges above-mentioned, we used statistical and mathematical methods represented by the I Index first described by Van der Tas. Taking into account the fact that since 2005 all listed companies on the European stock exchanges were required to adopt the international accounting standards for their consolidated financial disclosures, the degree of material harmony was studied only in reference to those requirements that presented two methods or possibilities of disclosure.Our findings suggest that the groups analyzed present a high degree of material harmonization with respect to the reporting

Optimal portfolio selection in a Lévy market with uncontrolled cash flow and only risky assets

Science.gov (United States)

Zeng, Yan; Li, Zhongfei; Wu, Huiling

2013-03-01

This article considers an investor who has an exogenous cash flow evolving according to a Lévy process and invests in a financial market consisting of only risky assets, whose prices are governed by exponential Lévy processes. Two continuous-time portfolio selection problems are studied for the investor. One is a benchmark problem, and the other is a mean-variance problem. The first problem is solved by adopting the stochastic dynamic programming approach, and the obtained results are extended to the second problem by employing the duality theory. Closed-form solutions of these two problems are derived. Some existing results are found to be special cases of our results.

Cash Reconciliation Tool

Data.gov (United States)

US Agency for International Development — CART is a cash reconciliation tool that allows users to reconcile Agency cash disbursements with Treasury fund balances; track open unreconciled items; and create an...

How much cash does your company need?

Science.gov (United States)

Passov, Richard

2003-11-01

In late 2001, the directors of Pfizer asked that very question. And with good reason. After its 2000 merger with rival Warner-Lambert, the New York-based pharmaceutical giant found itself sitting on a net cash position of $8 billion, which seemed extraordinarily conservative for a company whose products generated $30 billion in revenues. Most large companies with revenues that healthy would increase leverage, thereby unlocking tremendous value for shareholders. But knowledge-intensive companies like Pfizer, this author argues, are in a class apart. Because their largely intangible assets (like R&D) are highly volatile and cannot easily be valued, they are more vulnerable to financial distress than are firms with a preponderance of tangible assets. To insure against that risk, they need to maintain large positive cash balances. These companies' decisions to run large cash balances is one of the key reasons their shares sustain consistent premiums. Only by investing in their intangible assets can knowledge-based companies hope to preserve the value of those assets. A company that finds itself unable to do so because unfavorable market conditions reduce its operating cash flows will see its share price suffer almost as much as if it were to default on its debts. By the same token, with the right balance sheet, knowledge companies can profitably insure against the risk of failing to sustain value-added investments in difficult times. An optimal capital structure that calls for significant cash balances is certainly at odds with the results of a traditional capital structure analysis, the author demonstrates, but it explains the financial policies of many well-run companies, from Pfizer to Intel to ChevronTexaco.

Techniques for Improving Cash Management.

Science.gov (United States)

Lykins, Ronald G.

1973-01-01

This article deals with several techniques for regulating cash inflow and outflow and investing surplus cash for short periods of time. The techniques are: (1) consolidating checking accounts, (2) determining surplus cash by examining bank balances in conjunction with the cash book, (3) selecting a minimum bank balance, (4) investing a greater…

7 CFR 764.457 - Vendor requirements.

Science.gov (United States)

2010-01-01

... goals, and outline how these changes will occur using present and projected cash flow budgets; (2) Maintain and use a financial management information system to make financial decisions; (3) Understand and use an income statement; (4) Understand and use a balance sheet; (5) Understand and use a cash flow...

An Experiment of Student Understanding of Accruals versus Cash Flows

Science.gov (United States)

Miranda-Lopez, Jose Eduardo; Nichols, Linda M.

2007-01-01

The concepts of both accrual accounting and cash basis accounting need to be thoroughly understood by accounting graduates as they enter the workplace. In making decisions, both managers and investors often may need to make adjustments from one basis to the other. But do students really understand these concepts? This study uses an experimental…

EDF - 2013 full-year results up, driven by good operating and financial performance; Strengthened financial structure; 2014-2018 vision. Annual results 2013. 2013 Consolidated financial statements. Management report 2013

International Nuclear Information System (INIS)

Proglio, Henri

2014-01-01

As the world's biggest electricity generator, the EDF Group covers every sector of expertise, from generation to trading and transmission grids. EDF builds on the expertise of its people, its R and D and engineering skills, its experience as a leading industry operator and the attentive support of its customers to deliver competitive solutions that successfully reconcile economic growth with climate protection. This document presents the 2013 annual results, management report and Consolidated financial statements of the Group at 31 December 2013: Group EBITDA: euro 16.8 bn, +5.5% in organic growth; Strong growth in low-carbon energies: Hydro and other renewable output in France: +22.5% vs. 2012, Highest hydro output in over 10 years in France, Highest nuclear output in past 8 years in the United Kingdom and stable output in France; Net income - Group share: euro 3,517 m, +7.4%; Net income excluding non-recurring items: euro 4,117 m vs. euro 4,175 m in 2012; Spark: euro 1.3 bn in cost savings at end-December; initial target: euro 1 bn; Net financial debt/EBITDA: 2.1x vs. 2.4x2 at 31 December 2012; Proposed cash dividend for 2013: euro 1.25/share, a pay-out ratio of 56.5%, within the range of 55% to 65% of net income excluding non-recurring items. Financial targets for 2014: Group EBITDA excluding Edison: organic growth of at least 3%; Edison EBITDA: expectation for recurring EBITDA of euro 1 bn and at least euro 600 m in 2014 before effects of gas contract re-negotiations; Net financial debt/EBITDA: between 2x and 2.5x; Pay-out ratio of net income excluding non-recurring items post hybrid: 55% to 65%. 2014-2018 vision: Cash-flow after dividends: positive in 2018. Consolidated financial statements: 1 - Historical financial information: Consolidated income statements, Statements of net income and gains and losses recorded directly in equity, Consolidated balance sheets, Consolidated cash flow statements, Changes in consolidated equity, Notes to the consolidated

Financial statement in the Brazilian public sector: The perception of the professionals that prepare that information.

Directory of Open Access Journals (Sweden)

João Eudes de Souza Calado

2016-12-01

Full Text Available The objective of this paper is to identify the perception of the developers of the financial statements of public sector in respect to their difficulties in producing and disseminating such information, after the convergence of Brazil to the international standards IPSAS. Our methodological approach used multivariate descriptive techniques. Data was obtained through a survey, applied to professionals involved in the process of preparing the financial statement in the Brazilian public sector. The sample had 69 respondents, which corresponds to the perception of 85% of states and 46% of Brazilian cities. Data analysis was conducted using exploratory factor analysis. Results indicated that two perceptions of difficulties stood out: 1 the relevance of the information - its quality was not considered as being able to guide the internal user (decision-making or external user; 2 and the process of adaptation to the new standards - relationship between time and cost for adaptation. They also indicated the predominant focus on the Budget and the low adhesion to the Cash Flow Statement.

United States Department of Energy, Office of Environmental Management, Uranium Enrichment Decontamination and Decomissioning Fund financial statements, September 30, 1996 and 1995

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-05-01

The Energy Policy Act of 1992 (Act) established the Uranium Enrichment Decontamination and Decommissioning Fund (D and D Fund, or Fund) to pay the costs for decontamination and decommissioning three gaseous diffusion facilities located in Oak Ridge, Tennessee; Paducah, Kentucky; and Portsmouth, Ohio (diffusion facilities). The Act also authorized the Fund to pay remedial action costs associated with the Government`s operation of the facilities and to reimburse uranium and thorium licensees for the costs of decontamination, decommissioning, reclamation, and other remedial actions which are incident to sales to the Government. The report presents the results of the independent certified public accountants` audit of the D and D Fund financial statements as of September 30, 1996. The auditors have expressed an unqualified opinion on the 1996 statement of financial position and the related statements of operations and changes in net position and cash flows.

Fundamentals of financial statement analysis for academic physician managers.

Science.gov (United States)

Danzi, J T; Boom, M L

1998-04-01

Academic medical centers (i.e., teaching hospitals) and academic medical practices are under pressure to control costs to compete with for-profit health care institutions. The authors explain how academic physician managers who want to control costs wisely must first understand the cost structure of the medical center or practice and compare that structure with those of for-profit institutions. Doing this requires a firm understanding of how to use a valuable tool, financial statement analysis, to assess an institution's health and performance. Such analysis consists of calculating a variety of financial ratios (e.g., operating income divided by revenues; net income divided by total assets) and then comparing them with the corresponding ratios that are considered industry norms. Three types of financial statements (defined in detail) lend themselves to this approach: the balance sheet, income statement, and statement of cash flows. The authors define standard financial ratios, point out their uses and limitations, and emphasize that a ratio's meaning derives from comparing it with the corresponding benchmark ratio in the industry as a whole. Ratios should be used not as the end point of assessing financial status, but as ways to identify possible problems that require further investigation. Analysis of trends of ratios over time within an institution is a complementary approach. The authors then discuss the use of ratios in three standard types of institutional evaluation: of performance, of liquidity and leverage, and of strategic planning. In addition, they present the financial statement of a fictitious academic medical center as an example of how to use ratios for financial statement analysis. The authors emphasize that the key to using the ratios they discuss and hundreds of others is first to decide what question needs answering and then to choose the relevant ratios to provide a basis for finding the answer.

Financial modeling in medicine: cash flow, basic metrics, the time value of money, discount rates, and internal rate of return.

Science.gov (United States)

Lexa, Frank James; Berlin, Jonathan W

2005-03-01

In this article, the authors cover tools for financial modeling. Commonly used time lines and cash flow diagrams are discussed. Commonly used but limited terms such as payback and breakeven are introduced. The important topics of the time value of money and discount rates are introduced to lay the foundation for their use in modeling and in more advanced metrics such as the internal rate of return. Finally, the authors broach the more sophisticated topic of net present value.

The effects of return on investment, sales growth rate, volatility of investment, cash flow and structure of institutional shareholders on the ratio of debt to equities

Directory of Open Access Journals (Sweden)

Jalal Golmohammadi

2015-12-01

Full Text Available This paper presents a study to measure the effects of return on investment, sales growth rate, volatility investment, cash flow and structure of institutional shareholders on the ratio of debt to equities. The study selects 102 firms listed on Tehran Stock Exchange and, using regression technique with Panel data, examines five different hypotheses over the period 2008-2012. The results indicate that there was a negative and meaningful relationship between return of investment and the ratio of debt to equities and a positive and meaningful relationship between sales growth and the ratio of debt to equities. Moreover, there were positive and meaningful relationships between volatility of investment as well as cash flow and the ratio of debt to equities. Finally, the survey has indicated that there was a negative and meaningful relationship between the structure of institutional shareholders and the ratio of debt to equities.

Effects of dry period length on production, cash flows and greenhouse gas emissions of the dairy herd: A dynamic stochastic simulation model.

Directory of Open Access Journals (Sweden)

Akke Kok

Full Text Available Shortening or omitting the dry period of dairy cows improves metabolic health in early lactation and reduces management transitions for dairy cows. The success of implementation of these strategies depends on their impact on milk yield and farm profitability. Insight in these impacts is valuable for informed decision-making by farmers. The aim of this study was to investigate how shortening or omitting the dry period of dairy cows affects production and cash flows at the herd level, and greenhouse gas emissions per unit of milk, using a dynamic stochastic simulation model. The effects of dry period length on milk yield and calving interval assumed in this model were derived from actual performance of commercial dairy cows over multiple lactations. The model simulated lactations, and calving and culling events of individual cows for herds of 100 cows. Herds were simulated for 5 years with a dry period of 56 (conventional, 28 or 0 days (n = 50 herds each. Partial cash flows were computed from revenues from sold milk, calves, and culled cows, and costs from feed and rearing youngstock. Greenhouse gas emissions were computed using a life cycle approach. A dry period of 28 days reduced milk production of the herd by 3.0% in years 2 through 5, compared with a dry period of 56 days. A dry period of 0 days reduced milk production by 3.5% in years 3 through 5, after a dip in milk production of 6.9% in year 2. On average, dry periods of 28 and 0 days reduced partial cash flows by €1,249 and €1,632 per herd per year, and increased greenhouse gas emissions by 0.7% and 0.5%, respectively. Considering the potential for enhancing cow welfare, these negative impacts of shortening or omitting the dry period seem justifiable, and they might even be offset by improved health.

A study on the effects of banks’ cash management on their share value

Directory of Open Access Journals (Sweden)

Syed Behzad Zakaria

2014-09-01

Full Text Available Banking industry, which is closely associated with the invention and spread of the money, influences on economic growth and development. The main role of the banking system is to create a saving of deposits and using it in beneficial investments or lending it to different people with various investment purposes. Accordingly, banks play essential role as financial intermediaries and provide necessary funds from investors to borrowers and users. In this regard, appropriate management of cash flows is essential for banks. Cash management is a trade-off between risk and return like what happens in other kinds of managements meaning that improving cash management increases the cash considering the limited amount of resources and eventually increases the share of the financial institution. In this paper, the impact of cash management in Iranian banks on their value of stock in 2011 was examined based on the econometrics model and least-square technique. The results indicate a significant and positive impact of the increase in the cash management index on the banks’ stock value, meaning that a one percent increase in this index will increase 1.1 percent of the banks’ stock value.

The determinants of corporate cash holdings: An empirical investigation of the industry effect of UK publicly held firms (1998-2013)

OpenAIRE

WANG, ZIWEN

2015-01-01

Abstract This paper investigates the determinants of cash holdings by publicly traded firms over the period 1998-2013. The results suggest that cash holdings are positively affected by investment opportunity set, capital expenditure and profitability and negatively affected by the real firm size, liquid assets substitutes, leverage level, cash flow and dividend payments, which are generally in line with previous studies. In addition, we observed the change of corporate cash holdings during...

REFCO83, Nuclear Fuel Cycle Cost Economics Using Discounted Cash Flow Analysis

International Nuclear Information System (INIS)

Delene, J.G.; Hermann, O.W.

2001-01-01

1 - Description of program or function: REFCO83 utilizes a discounted cash flow (DCF) analysis procedure to calculate batch, cycle, and lifetime levelized average nuclear fuel cycle costs. The DCF analysis establishes an energy 'cost' associated with the fuel by requiring that the revenues from the sale of energy be adequate to pay the required return on outstanding capital, to pay all expenses including taxes, and to retire the outstanding investment to zero by the end of the economic life of the set of fuel investments. The program uses reactor mass flow information together with individual fuel cost parameters and utility capital structure and money costs to calculate levelized costs cumulatively through any batch or cycle. 2 - Method of solution: A fuel cycle cost component is considered to be any fuel material purchase, processing cost, or discharge material credit in the complete fuel cycle. The costs for each individual component, i.e. uranium, enrichment, etc., may either be expensed or capitalized for tax purposes or, in the case of waste disposal, the cost may also be made proportional to power production. To properly account for the effect of income taxes, all calculations in REFCO83 are done using 'then' current dollars, including price escalations caused by inflation. The database used for the default values for REFCO83 was taken from the Nuclear Energy Cost Data Base. 3 - Restrictions on the complexity of the problem: The maximum number of fuel batches is 120

Investment Opportunity, Institutional Ownership, Cash Flow, Company Life Cycle Terhadap Kebijakan Dividen Dan Return Saham

OpenAIRE

Wiagustini, Ni Luh Putu

2009-01-01

The objective of this research was to examine and to analyze the infl uences of investmentopportunity, cash fl ow, company institutional ownership, and company life cycle stages to dividendpolicy; and the infl uences of dividend policy to investment opportunity, cash fl ow, institutionalownership, and company life cycle stages to share return. The samples used in this research weremanufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularlywithin the perio...

34 CFR 668.166 - Excess cash.

Science.gov (United States)

2010-07-01

... the Secretary for the costs the Secretary incurred in providing that excess cash to the institution... 34 Education 3 2010-07-01 2010-07-01 false Excess cash. 668.166 Section 668.166 Education..., DEPARTMENT OF EDUCATION STUDENT ASSISTANCE GENERAL PROVISIONS Cash Management § 668.166 Excess cash. (a...

Date Attachable Offline Electronic Cash Scheme

Directory of Open Access Journals (Sweden)

Chun-I Fan

2014-01-01

Full Text Available Electronic cash (e-cash is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

Date attachable offline electronic cash scheme.

Science.gov (United States)

Fan, Chun-I; Sun, Wei-Zhe; Hau, Hoi-Tung

2014-01-01

Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

Date Attachable Offline Electronic Cash Scheme

Science.gov (United States)

Sun, Wei-Zhe; Hau, Hoi-Tung

2014-01-01

Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling. PMID:24982931

Teaching the Statement of Changes in Financial Position--A Worksheet Approach.

Science.gov (United States)

Byrd, David B.; Byrd, Sandra D.

1986-01-01

The worksheet approach to preparing a Statement of Changes in Financial Position (SCFP) is presented. An example that has been developed for presentation to the class during the first class period spent on SCFPs is discussed. Conversion of working capital to cash is also explained. (CT)

Cash Holdings and Mutual Fund Performance

OpenAIRE

Mikhail Simutin

2014-01-01

Cash holdings of equity mutual funds impose a drag on fund performance but also allow managers to make quick investments in attractive stocks and satisfy outflows without costly fire sales. This article shows that actively managed equity funds with high abnormal cash—that is, with cash holdings in excess of the level predicted by fund attributes—outperform their low abnormal cash peers by over 2% per year. Managers carrying high abnormal cash compensate for the low return on cash by making su...

An Introduction To Digital Cash World

Directory of Open Access Journals (Sweden)

Lusiana Citra Dewi

2010-12-01

Full Text Available Digital cash is one of the payment methods that is very easy to use, especially when someone is doing a transaction through the internet. Digital cash has many forms and systems, which are supposed to simplify and make the process of transaction easier. This paper will discuss about the definition of the digital cash itself, the important properties that it has, the problems which occur due to its existence, the examples of some key players who operate the digital cash from all around the world, along with how the digital cash works, and lastly, how the digital cash is put into the practical world. The purpose of this paper is to give a glimpse of view on the functions of the digital cash, the systems or protocols which are needed to implement it, and the problems faced by those who use it. 

Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis

OpenAIRE

Nyborg, Kjell G; Wang, Zexi

2013-01-01

The paper contributes to the literature on corporate cash holdings by showing that there is a financial markets channel that affects corporations’ cash holdings. Leaning on the literature on stock price feedback to firm fundamentals, we advance the hypothesis that firms with more liquid stocks hold more cash, ceteris paribus, as ammunition to defend against negative cascades or stimulate positive ones. This contrasts with an alternative view that firms with more liquid stocks are less financi...

7 CFR 1720.12 - Reporting requirements.

Science.gov (United States)

2010-01-01

... year end: (1) Consolidated financial statements and accompanying footnotes, audited by independent... conduct such a review; (3) Pro forma projection of the guaranteed lender's balance sheet, income statement, and statement of cash flows over the ensuing five years; (4) Credit assessment issued by a Rating...

Analytical solution to the circularity problem in the discounted cash flow valuation framework

Directory of Open Access Journals (Sweden)

Felipe Mejía-Peláez

2011-12-01

Full Text Available In this paper we propose an analytical solution to the circularity problem between value and cost of capital. Our solution is derived starting from a central principle of finance that relates value today to value, cash flow, and the discount rate for next period. We present a general formulation without circularity for the equity value (E, cost of levered equity (Ke, levered firm value (V, and the weighted average cost of capital (WACC. We furthermore compare the results obtained from these formulas with the results of the application of the Adjusted Present Value approach (no circularity and the iterative solution of circularity based upon the iteration feature of a spreadsheet, concluding that all methods yield exactly the same answer. The advantage of this solution is that it avoids problems such as using manual methods (i.e., the popular “Rolling WACC” ignoring the circularity issue, setting a target leverage (usually constant with the inconsistencies that result from it, the wrong use of book values, or attributing the discrepancies in values to rounding errors.

Expanding horizons

International Nuclear Information System (INIS)

1994-01-01

This annual review of 1993-1994 for Scottish Power presents its business and financial reviews, environmental statement, report of the directors, statement of the auditors, and analysis of shareholders. Summary group profit and loss account, balance sheets, and group cash flow statement are also given. (Author)

Cash transfers and domestic violence.

Science.gov (United States)

Hidrobo, Melissa; Fernald, Lia

2013-01-01

Violence against women is a major health and human rights problem yet there is little rigorous evidence as to how to reduce it. We take advantage of the randomized roll-out of Ecuador's cash transfer program to mothers to investigate how an exogenous increase in a woman's income affects domestic violence. We find that the effect of a cash transfer depends on a woman's education and on her education relative to her partner's. Our results show that for women with greater than primary school education a cash transfer significantly decreases psychological violence from her partner. For women with primary school education or less, however, the effect of a cash transfer depends on her education relative to her partner's. Specifically, the cash transfer significantly increases emotional violence in households where the woman's education is equal to or more than her partner's. Copyright © 2012 Elsevier B.V. All rights reserved.

Cash seeking behaviour and migration: a place-to-place migration function for Cote d'Ivoire.

Science.gov (United States)

Velenchik, A D

1993-12-01

"This paper presents estimates of an aggregate place-to-place migration function for Cote d'Ivoire based on the premise that migration is motivated by rural residents' desire for cash income. The results indicate that migration from a region responds differently to changes in cash and food income, which supports the idea that it is the composition of rural income, and not just its level, that determines migration flows." excerpt

NEW APPROACHES ON REVENUE RECOGNITION AND MEASUREMENT

Directory of Open Access Journals (Sweden)

Cristina-Aurora, BUNEA-BONTAȘ

2014-11-01

Full Text Available Revenue is an important indicator to users of financial statements in assessing an entity's financial performance and position. International Financial Reporting Standard 15 Revenue from Contracts with Customers (IFRS 15 issued in May 2014 provides a robust framework for addressing revenue issues. The standard establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This article outlines the basic principles that an entity should must apply to measure and recognise revenue and the related cash flows.

47 CFR 36.182 - Cash working capital.

Science.gov (United States)

2010-10-01

... 47 Telecommunication 2 2010-10-01 2010-10-01 false Cash working capital. 36.182 Section 36.182... PROCEDURES; STANDARD PROCEDURES FOR SEPARATING TELECOMMUNICATIONS PROPERTY COSTS, REVENUES, EXPENSES, TAXES... Cash Working Capital § 36.182 Cash working capital. (a) The amount for cash working capital, if not...

Areva - Half year financial report June 30, 2009

International Nuclear Information System (INIS)

2009-01-01

This half-year financial report contains statements on the objectives, prospects and growth areas for the AREVA group. It gives a view of the net worth, the financial position and the income of the company and all the companies included in consolidation. It presents the major events that occurred during the first six months of the fiscal year, of their effect on the financial statements and of the main transactions between related parties. It gives a description of the main risks and main uncertainties for the remaining six months of the financial year. Content: 1 - Half-year business report: Significant events, Summary data, Segment reporting, Backlog, Income statement, Review by division, Cash flow, Balance sheet items, Events subsequent to closing, Outlook; 2 - Statutory auditors' report on the financial information for the 2009 half-year - period January 1 to June 30, 2009: Condensed consolidated financial statements at June 30, 2009, Consolidated income statement, Consolidated comprehensive income, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of changes in equity, Segment reporting, Notes to the consolidated financial statements for the period ending June 30, 2009

Areva. 2005 half year report; Areva. Rapport semestriel 2005

Energy Technology Data Exchange (ETDEWEB)

NONE

2005-07-01

With manufacturing facilities in over 40 countries and a sales network in over 100, AREVA offers customers technological solutions for nuclear power generation and electricity transmission and distribution. The group also provides interconnect systems to the telecommunications, computer and automotive markets. This half-year report of Areva group presents the key financial data of the group for the first half of 2005: 1 - Highlights of the period; 2 - Transition to the International Financial Reporting Standards: Group's application of IFRS, Impact of IAS 32 and 39 adoption on the Group's financial statements; 3 - Key data: summary data, summary data by business Division, backlog, income statement, review by business Division, cash flow statement, balance sheet items; 4 - events subsequent to the half-year-end; 5 - consolidated financial statements: statutory Auditors' report on the 2005 half-year financial statements - period from January 1 to June 30, 2005, consolidated income statement, consolidated balance sheet, consolidated cash flow statement, change in consolidated shareholders' equity, data by business Division and region, notes to the consolidated financial statements; 6 - Outlook.

Areva. 2005 half year report; Areva. Rapport semestriel 2005

Energy Technology Data Exchange (ETDEWEB)

NONE

2005-07-01

With manufacturing facilities in over 40 countries and a sales network in over 100, AREVA offers customers technological solutions for nuclear power generation and electricity transmission and distribution. The group also provides interconnect systems to the telecommunications, computer and automotive markets. This half-year report of Areva group presents the key financial data of the group for the first half of 2005: 1 - Highlights of the period; 2 - Transition to the International Financial Reporting Standards: Group's application of IFRS, Impact of IAS 32 and 39 adoption on the Group's financial statements; 3 - Key data: summary data, summary data by business Division, backlog, income statement, review by business Division, cash flow statement, balance sheet items; 4 - events subsequent to the half-year-end; 5 - consolidated financial statements: statutory Auditors' report on the 2005 half-year financial statements - period from January 1 to June 30, 2005, consolidated income statement, consolidated balance sheet, consolidated cash flow statement, change in consolidated shareholders' equity, data by business Division and region, notes to the consolidated financial statements; 6 - Outlook.

Areva. 2005 half year report

International Nuclear Information System (INIS)

2005-01-01

With manufacturing facilities in over 40 countries and a sales network in over 100, AREVA offers customers technological solutions for nuclear power generation and electricity transmission and distribution. The group also provides interconnect systems to the telecommunications, computer and automotive markets. This half-year report of Areva group presents the key financial data of the group for the first half of 2005: 1 - Highlights of the period; 2 - Transition to the International Financial Reporting Standards: Group's application of IFRS, Impact of IAS 32 and 39 adoption on the Group's financial statements; 3 - Key data: summary data, summary data by business Division, backlog, income statement, review by business Division, cash flow statement, balance sheet items; 4 - events subsequent to the half-year-end; 5 - consolidated financial statements: statutory Auditors' report on the 2005 half-year financial statements - period from January 1 to June 30, 2005, consolidated income statement, consolidated balance sheet, consolidated cash flow statement, change in consolidated shareholders' equity, data by business Division and region, notes to the consolidated financial statements; 6 - Outlook

Department of Energy`s Uranium Enrichment Decontamination and Decommissioning Fund fiscal year 1997 financial statement audit

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-08-21

This report presents the results of the independent certified public accountants` audit of the Department of Energy`s Uranium Enrichment Decontamination and Decommissioning Fund (D&D Fund) financial statements as of September 30, 1997. The auditors have expressed an unqualified opinion on the 1997 statement of financial position and the related statements of operations and changes in net position and cash flows. The 1997 financial statement audit was made under provisions of the Inspector General Act (5 U.S.C. App.) as amended, the Government Management Reform Act (31 U.S.C. 3515), and Office of Management and Budget implementing guidance. The auditor`s work was conducted in accordance with generally accepted government auditing standards. To fulfill our audit responsibilities, we contracted with the independent public accounting firm of KPMG Peat Marwick LLP (KPMG) to conduct the audit for us, subject to our review. The auditors` report on the D&D Fund`s internal control structure disclosed no reportable conditions. The auditors` report on compliance with laws and regulations disclosed one instance of noncompliance. This instance of noncompliance relates to the shortfall in Government appropriations. Since this instance was addressed in a previous audit, no further recommendation is made at this time. During the course of the audit, KPMG also identified other matters that, although not material to the financial statements, nevertheless, warrant management`s attention. These items are fully discussed in a separate letter to management.

An Introduction to Digital Cash World

OpenAIRE

Dewi, Lusiana Citra

2010-01-01

Digital cash is one of the payment methods that is very easy to use, especially when someone is doing a transaction through the internet. Digital cash has many forms and systems, which are supposed to simplify and make the process of transaction easier. This paper will discuss about the definition of the digital cash itself, the important properties that it has, the problems which occur due to its existence, the examples of some key players who operate the digital cash from all around the wor...

USING BENFORD'S LAW TO THE DETECTION OF MISREPRESENTATION OF FINANCIAL STATEMENTS DATA

Directory of Open Access Journals (Sweden)

Radoslav Tušan

2016-07-01

Full Text Available Benford's Law is in certain situations, an important instrument to detect deliberate misrepresentation in the financial statements. Benford's Law is empirically derived and verified rule that the numerical data beginning with the digit by any of the groups 1, 2, ...9 appear in the files of large size with a certain probability. The likelihood of occurrence of numerical data in large data files according to the first numbers varies considerably. Numbers beginning with a digit 1 occur with a probability of 30.1%, numbers beginning with a digit 9 appear in this set with a probability of 4.58%. These values can be incorporated into the control procedures for assessing the quality of the reference data set. Various foreign authors have pointed out the possibility of using Benford's Law in examining the quality of primary data in the field of accounting and reporting. The authors investigated the differences between the empirical and theoretical frequency of occurrence of each number beginning with individual digits in financial reporting. Benford's analysis according them is more reliable when applied to the entire set of data. The intention of the article is to point out the possible misrepresentation in the financial statements of the registered entity whose shares are traded on the domestic stock exchange. One of the reasons for the detection of misrepresentation is that investors trust the financial statements of these entities. The research question was whether Benford's Law reveals the possible manipulation of financial statements data. The source data were financial statements of the entity for three years: balance sheet, income statement and cash flow statement. The number of each leading digit was counted and the actual frequency of leading digits to the expected distribution according to Benford's Law was compared. Potential manipulation was calculated by means of Kolmogorov-Smirnov statistics. Results of the analysis are mainly addressed

7 CFR 277.7 - Cash depositories.

Science.gov (United States)

2010-01-01

... 7 Agriculture 4 2010-01-01 2010-01-01 false Cash depositories. 277.7 Section 277.7 Agriculture... FOOD STAMP AND FOOD DISTRIBUTION PROGRAM PAYMENTS OF CERTAIN ADMINISTRATIVE COSTS OF STATE AGENCIES § 277.7 Cash depositories. (a) The term “cash depositories” refers to banks or other institutions which...

Probabilistic Cash Flow-Based Optimal Investment Timing Using Two-Color Rainbow Options Valuation for Economic Sustainability Appraisement

Directory of Open Access Journals (Sweden)

Yonggu Kim

2017-10-01

Full Text Available This research determines the optimal investment timing using real options valuation to support decision-making for economic sustainability assessment. This paper illustrates an option pricing model using the Black-Scholes model applied to a case project to understand the model performance. Applicability of the project to the model requires two Monte Carlo simulations to satisfy a Markov process and a Wiener process. The position of project developers is not only the seller of products, but it is also the buyer of raw materials. Real options valuation can be influenced by the volatility of cash outflow, as well as the volatility of cash inflow. This study suggests two-color rainbow options valuation to overcome this issue, which is demonstrated for a steel plant project. The asymmetric results of the case study show that cash outflow (put option influences the value of the steel plant project more than cash inflow (call option does of which the discussion of the results is referred to a sensitivity analysis. The real options valuation method proposed in this study contributes to the literature on applying the new model, taking into consideration that investors maximize project profitability for economic sustainable development.

The dynamics of stock price and determination of investor's cash ...

African Journals Online (AJOL)

Our aim is to also determine investor's cash flows valuation generated from the investment. The investor invested her short position into N number of investment firms. The firms in turn invest the short position of the investor into the stock and bond markets in order to hedge out the risks associated with the investor's portfolio.

A Cash Management Model.

Science.gov (United States)

Boyles, William W.

1975-01-01

In 1973, Ronald G. Lykins presented a model for cash management and analysed its benefits for Ohio University. This paper attempts to expand on the previous method by providing answers to questions raised by the Lykins methods by a series of simple algebraic formulas. Both methods are based on two premises: (1) all cash over which the business…

Measuring VaR of Discounted Cash Flows. Application to a Business Case Medición del valor en riesgo de los flujos de caja descontados. Aplicación a un caso empresarial

Directory of Open Access Journals (Sweden)

Jenny Moscoso Escobar

2009-12-01

Full Text Available This article seeks to appropriate a Cash Flow at Risk –CFAR- model from the literature developed in the research of Postgraduate, Measuring Value at Risk of Discounted Cash Flow for the Colombian Firm not listed on the stock market and apply it to a non-financial firm at the real sector, which specifies the operational and macroeconomic variables as random results, in a process of statistical modeling by Monte Carlo simulation approach structured in order to measure the variation in future cash flows discounted by a risk-adjusted rates for applications such as toolmaking decisions through the CFaR.A partir de la literatura existente se pretende mostrar el modelo de Flujo de Caja en Riesgo (CFaR, desarrollado en la investigación titulada, “Medición del valor en riesgo de los flujos de caja descontados para la empresa colombiana que no cotiza en bolsa”. Al mismo tiempo, aplicarlo a una empresa no financiera del sector real, con especificación de las variables operacionales y macroeconómicas como resultados aleatorios, en un proceso de modelado estadístico por medio del enfoque de Simulación Montecarlo Estructurado. El objetivo es medir la posible variación de los flujos de caja futuros descontados, a través de una tasa ajustada por riesgo, para aplicarla como herramienta de toma de decisiones con base en el CFaR.

12 CFR 723.6 - What must your member business loan policy address?

Science.gov (United States)

2010-01-01

... diligence standards, which also addresses the need for periodic financial statements, credit reports, and... experience, balance sheet, cash flow analysis, income statements, tax data, environmental impact assessment... requirements must include: (1) Loan-to-value ratios; (2) Determination of value; (3) Determination of ownership...

現在価値測定と負債の測定

OpenAIRE

今田, 正

1998-01-01

This paper discusses fundamental recognition and measurement issues relating to fair value accounting. Especially, our goal is to investigate fundamental accounting implication of using present value in accounting measurement. In October 1997, the Financial Accounting Standards Board issued a Exposure Draft, Using Cash Flow Information in Accounting Measurements. This Statement provides a framework for using future cash flows as the basis for an accounting measurement. That is to say, the Bo...

现金分红、盈余管理方式选择与企业价值%Cash Dividends,Earnings Management Choice and Corporate Value

Institute of Scientific and Technical Information of China (English)

刘衡; 苏坤; 李彬

2013-01-01

In recent years,there is increasing public concern about the phenomena of em-phasizing on financing and ignoring investors‘return of China‘s listed companies.The China Securities Regulatory Commission has issued a series of announcements designed to strength-en cash dividends of listed companies and strengthen the awareness of the investor‘s returns. Cash dividends and earnings management are hot issues of capital market,but accrual-based earnings management is the main content of the traditional earnings management research,re-al earnings management has been neglected.In theory,the behavior of cash dividend reduces the level of corporate cash flow,the change of earnings management can improve the level cash flow and the corporate performance,which eventually leads to the change of corporate value. Using China‘s A-share market listed companies panel data from 1 998 to 2010,this paper studies the relationships between cash dividends,earnings management and corporate value. We find that the extent of real earnings management of cash dividend companies is significant-ly lower than the corresponding extent of non-cash dividends companies,and the extent of ac-crual-based earnings management of cash dividend companies is greatly higher than the corre-sponding extent of non-cash dividends companies,which means that cash dividend behavior has a significant impact on the choice of the listed company earnings management,and there is the phenomenon of collusion between real earnings management and accrual-based earnings management.The cash dividend company has a higher corporate value than the non-cash divi-dend company,which indicates that the listed company‘s cash dividend behavior helps to en-hance the corporate value.Further research suggests real earnings management and accrual-based earnings management have significant intermediary roles in the relationship between cash dividends and corporate value.These conclusions provide helpful insight for revealing the

North Dakota University System Annual Financial Report, Fiscal Year Ended June 30, 2007

Science.gov (United States)

North Dakota University System, 2007

2007-01-01

This report provides financial data for the North Dakota University System (the "System") for the fiscal year ended June 30, 2007. The Management Discussion and Analysis; the Statement of Net Assets; the Statement of Revenues, Expenses, and Changes in Net Assets; and the Statement of Cash Flows provide information on the System as a…

Alaska Power Administration combined financial statements, schedules, and supplemental reports, September 30, 1997 and 1996 with independent auditors` report thereon

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-04-01

The Alaska Power Administration (APA) will continue to encourage economic and industrial development in Alaska through implementing the sale of APA assets in a manner consistent with the authorizing legislation while balancing all the stakeholders` interests. Alaska Power Administration will provide their employees opportunities for successful career transitions and conduct an efficient transfer of assets and closeout of APA, while continuing to provide customers reliable, low-cost hydroelectric energy during the transition. The attached report presents the results of the independent certified public accounts` audit of the Alaska Power Administration`s (APA) combined power system statements of assets; Federal investment and liabilities; and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The auditors` reports on APA`s internal control structure and compliance with laws and regulations disclosed no reportable conditions or instances of noncompliance. Based on the unqualified opinion of the independent public accounting firm of KPMG Peak Marwick LLP and review of their audit work, the authors believe the financial statements fairly present the financial condition and results of the operations of APA for the period under audit.

18 CFR 260.400 - Cash management programs.

Science.gov (United States)

2010-04-01

... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management... Cash management programs. Natural gas companies subject to the provisions of the Commission's Uniform... management programs must file these agreements with the Commission. The documentation establishing the cash...

Areva - Half year financial report June 30, 2009; Areva - Rapport financier semestriel 30 juin 2009

Energy Technology Data Exchange (ETDEWEB)

NONE

2009-07-01

This half-year financial report contains statements on the objectives, prospects and growth areas for the AREVA group. It gives a view of the net worth, the financial position and the income of the company and all the companies included in consolidation. It presents the major events that occurred during the first six months of the fiscal year, of their effect on the financial statements and of the main transactions between related parties. It gives a description of the main risks and main uncertainties for the remaining six months of the financial year. Content: 1 - Half-year business report: Significant events, Summary data, Segment reporting, Backlog, Income statement, Review by division, Cash flow, Balance sheet items, Events subsequent to closing, Outlook; 2 - Statutory auditors' report on the financial information for the 2009 half-year - period January 1 to June 30, 2009: Condensed consolidated financial statements at June 30, 2009, Consolidated income statement, Consolidated comprehensive income, Consolidated balance sheet, Consolidated cash flow statement, Consolidated statement of changes in equity, Segment reporting, Notes to the consolidated financial statements for the period ending June 30, 2009.

Small business, cash budgets and general practice.

Science.gov (United States)

Jackson, A R

1991-01-01

In practice management, general practice falls into the category of small business with all its attendant generic problems. Disciplined planning and good financial management are not often seen in small business. These are required if general practitioners are to continue (or return to) the provision of high quality medical services. An effective budget process, especially cash-flow budgeting, is the key to successful planning and financial management. Budgeting will bring Control, Co-ordination, and Credibility to your practice. It will enable you to set goals and to achieve them.

Empirical Studies on Cash Payments

NARCIS (Netherlands)

J. Kippers (Jeanine)

2004-01-01

textabstractCash is still the most common means of daily payments. The large number of cash payments is supported by a costly distribution system in which retailers, banks and central banks participate. Currency is issued in a range of bank note and coin denominations to facilitate efficiency

Inventory model with cash flow oriented and time-dependent holding cost under permissible delay in payments

Directory of Open Access Journals (Sweden)

Tripathi R.P.

2013-01-01

Full Text Available This study develops an inventory model for determining an optimal ordering policy for non-deteriorating items and time-dependent holding cost with delayed payments permitted by the supplier under inflation and time-discounting. The discounted cash flows approach is applied to study the problem analysis. Mathematical models have been derived under two different situations i.e. case I: The permissible delay period is less than cycle time for settling the account and case II: The permissible delay period is greater than or equal to cycle time for settling the account. An algorithm is used to obtain minimum total present value of the costs over the time horizon H. Finally, numerical example and sensitivity analysis demonstrate the applicability of the proposed model. The main purpose of this paper is to investigate the optimal cycle time and optimal payment time for an item so that annual total relevant cost is minimized.

Effect of Managerial Ownership, Free Cash Flow and Size Company Policy on Debt (Empirical Study on Industrial Enterprises Basic and Chemicals Listed in Bei)

OpenAIRE

Hasan, Mudrika Alamsyah

2013-01-01

The purpose of this study was to obtain empirical evidence about the effect of managerial ownership structure, free cash flow and the size of the companys debt policy the Basic Industry and Chemicals companies listed on the Stock Exchange.The population in this research is the basic chemical sector companies listed on the Indonesia Stock Exchange during the last three years, is from the years 2009-2011, amounting to 43 companies, using purposive sampling and the sampling results obtained by 3...

Testando o “Cash-Flow-at-Risk” em empresas têxteis

Directory of Open Access Journals (Sweden)

Fernanda Finotti Cordeiro Perobelli

2012-01-01

Full Text Available A despeito da relevância, para uma empresa, de mensurar a probabilidade do fluxo de caixa, numa data futura, atingir valores que a impeçam de honrar compromissos ou firmar projetos de investimento ou financiamento, discussões sobre métodos capazes de fornecer tal probabilidade são incipientes. Pretendendo contribuir para tal discussão, este artigo apresenta métodos alternativos para verificação do fluxo de caixa em risco baseados na métrica Cash-Flow-at-Risk (C-FaR. Ilustrativamente, uma aplicação no segmento têxtil é realizada, sendo apresentados dois métodos para estimação dos fatores de risco relevantes do fluxo: setorial (painel e individual (séries temporais, com simulação de choques inesperados sobre as previsões a partir da série do fator (nível e da série de erros de previsão do fator (erro, além de um procedimento ingênuo, em que a distribuição do fluxo de caixa é acessada sem que se identifiquem explicitamente seus fatores de risco, pelo bootstrap da série de valores históricos de seus componentes (receitas, custos e despesas. Os resultados encontrados revelam que, na amostra, o melhor método estimou fatores de risco por empresa (enfoque de série de tempo e simulou choques a partir dos erros de previsão dos fatores de risco.

40 CFR 35.3160 - Cash draw rules.

Science.gov (United States)

2010-07-01

... refinancing or purchase of the local debt. Cash draws for incurred building costs will generally be treated as refinanced costs. (2) The State may immediately draw cash for up to five percent of each fiscal year's... actual construction cost. In the latter case, the amount of the cash draw would be the actual...

18 CFR 357.5 - Cash management programs.

Science.gov (United States)

2010-04-01

... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management...: CARRIERS SUBJECT TO PART I OF THE INTERSTATE COMMERCE ACT § 357.5 Cash management programs. Oil pipeline... and § 357.2 of this title that participate in cash management programs must file these agreements with...

Manipulation of Cash-Settled Futures Contracts.

OpenAIRE

Pirrong, Craig

2001-01-01

Replacement of delivery settlement of futures contracts with cash settlement is frequently proposed to reduce the frequency of market manipulation. This article shows that it is always possible to design a delivery-settled futures contract that is less susceptible to cornering by a large long than any given cash-settled contract. Such a contract is more susceptible to manipulation by large shorts, however. Therefore, cash settlement does not uniformly dominate delivery settlement as a means o...

Annual report and accounts 1994

International Nuclear Information System (INIS)

1994-01-01

The Seeboard annual report presents the Chairman's Statement, the Chief Executive's review of the year, the report of the Directors, and the Auditors' report. The group profit and loss account, balance sheets, and cash flow statement are given, and accounting policies and the accounts are outlined. (UK)

PENGGUNAAN METODE DISCOUNTED CASH FLOW DAN UKURAN NON KEUANGAN DALAM PENGANGGARAN MODAL: PENDEKATAN KONTINJENSI

Directory of Open Access Journals (Sweden)

Ahmad Rosyid

2012-10-01

Full Text Available This study aims to (1 examine the degree of use between Discounted Cash Flow (DCF method and non financial measures in capital budgeting (2 examine managers’ satisfaction on both methods when there is a contingency fit between those methods with two contingency variables: product standardization and firm strategy. This research used purposive sampling method to collect data. The research population was manufacturing firms listed in BEI and major non listed firms located in Jawa Tengah and got 35 responses. Multiple regression and Moderated Regression Analysis (MRA were used to test the hypothesis. Research results indicate that (1 DCF method is not more important than non financial measures. Managers tend to use both methods simultaneously (2 firm strategy affects to DCF method and non financial measures significantly which it means that firms with prospector strategy tend to place more emphasis on non financial measures while firms with defender strategy tend to place more emphasis on DCF method. (3 product standardization has no effect on both methods (4 firm strategy has a moderating effect on the relation between two capital budgeting methods and manager’s satisfaction on budgeting process while product standardization has no effect.

18 CFR 154.306 - Cash working capital.

Science.gov (United States)

2010-04-01

... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash working capital... Changes § 154.306 Cash working capital. A natural gas company that files a tariff change under this part may not receive a cash working capital adjustment to its rate base unless the company or other...

Menggagas Laporan Keuangan Syari’ah Berbasis Trilogi Ma’isyah-Rizq-Maal

Directory of Open Access Journals (Sweden)

Aji Dedi Mulawarman

2009-01-01

Full Text Available The objective of this research to formulate Shari’ate Financial Statements from the real transaction and business habitus of Indonesian Moslem Society. Formulation is conducted by utilising Two-Steps Tazkiyah Methodology. Step one in that methodology, conventional concept of financial statements and Baydoun and Willett’s (1994 Islamic Corporate Report’s are refined by Shari’ate Accounting (derived from Islamic Values and Maqashid Asy- Syari’ah. Step two, the result is then refined by (Islamic Technosystem and Constructivist Structuralism to generate Shari’ate Financial Statements. The first result shows that ma’isyah-rizq-maal trilogy are the substance’s of shari’ate financial statements. Ma’isyah is a representation of Islamic business transaction. Rizq is a representation of Islamic value added creation. Maal is a representation of Islamic wealth. The consequence of the first results shows that formulation of: (1 shari’ate cash flow statement is based on ma’isyah concept; (2 shari’ate value added statements is based on rizq concept; and (3 shari’ate balance sheet is based on maal concept.Keywords: Maisyah-Rizq-Maal Trilogy, Shari’ate Financial Statements, Shari’ate Cash Flow

Study on the association between earnings management and value relevance based on the reporting method used for operating cash flows

Directory of Open Access Journals (Sweden)

Marilena Mironiuc

2018-02-01

Full Text Available This paper analyses the association between earnings management and value relevance of accounting information, for a number of 556 observations from a sample of 65 companies listed on the Bucharest Stock Exchange during a 10 year period: 2006-2015. Sampled companies are classified according to the method used for the reporting of operating cash flows. Findings confirm that entities using the indirect method have a higher level of discretionary accruals and are more tempted to opportunistically increase their earnings. As far as value relevance is concerned, results show that participants on the Romanian capital market place more weight on the information reported by entities experiencing higher levels of discretionary accruals.

Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

OpenAIRE

Irene Clara Pisón Fernández; Félix Puime Guillén; Miguel Ángel Crespo Cibrán

2015-01-01

En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégi...

Rejstříkování zákonných údajů ročních závěrek firem

OpenAIRE

KALÍŠKOVÁ, Anna

2016-01-01

My thesis is focused on the Business Register of Financial Statements of Companies. This thesis is divided into two parts. Firstly, the basic characters of Financial Statements are described, for example the balance sheet, the income statements, the statement of cash flow, audit of the financial statement. Companies must publish their financial statements in the business register. The practical part is focused on the analysis of this obligation. In the end this thesis has been evaluated situa...

Optimal Cash Management Under Uncertainty

OpenAIRE

Bensoussan, Alain; Chutani, Anshuman; Sethi, Suresh

2009-01-01

We solve an agent's optimization problem of meeting demands for cash over time with cash deposited in bank or invested in stock. The stock pays dividends and uncertain capital gains, and a commission is incurred in buying and selling of stock. We use a stochastic maximum principle to obtain explicitly the optimal transaction policy.

PAYMENT CAPACITY SENSITIVITY FACTORS

OpenAIRE

Daniel BRÎNDESCU – OLARIU

2014-01-01

The current study focuses on the sensitivity of the corporate payment capacity. Through the nature of the subject, the research is based on simulating variations of the forecasted cash-flows of the companies included in the sample. The study employs 391 forecasted yearly cash-flows statements collected from 50 companies from Timis County (Romania), as well as the detailed hypotheses of the forecasts. The results of the study facilitate the determination and classification of the main se...

The early indicators of financial failure: a study of bankrupt and solvent health systems.

Science.gov (United States)

Coyne, Joseph S; Singh, Sher G

2008-01-01

This article presents a series of pertinent predictors of financial failure based on analysis of solvent and bankrupt health systems to identify which financial measures show the clearest distinction between success and failure. Early warning signals are evident from the longitudinal analysis as early as five years before bankruptcy. The data source includes seven years of annual statements filed with the Securities and Exchange Commission by 13 health systems before they filed bankruptcy. Comparative data were compiled from five solvent health systems for the same seven-year period. Seven financial solvency ratios are included in this study, including four cash liquidity measures, two leverage measures, and one efficiency measure. The results show distinct financial trends between solvent and bankrupt health systems, in particular for the operating-cash-flow-related measures, namely Ratio 1: Operating Cash Flow Percentage Change, from prior to current period; Ratio 2: Operating Cash Flow to Net Revenues; and Ratio 4: Cash Flow to Total Liabilities, indicating sensitivity in the hospital industry to cash flow management. The high dependence on credit from third-party payers is cited as a reason for this; thus, there is a great need for cash to fund operations. Five managerial policy implications are provided to help health system managers avoid financial solvency problems in the future.

Corporate Governance, Cash Holdings, and Firm Value: Evidence from Japan

OpenAIRE

Qi Luo; Toyohiko Hachiya

2005-01-01

This paper presents evidence on cash holdings for Japanese firms listed on the Tokyo Stock Exchange, focusing on the impact of corporate governance factors in cash holdings and the implication of cash holdings to firm value. We find that insider ownership and bank relations of firms play a significant role in determining cash holdings. Our results indicate that foreign stockholders select profitable firms to invest, and these firms have higher levels of cash. We document evidence that cash ho...

23 CFR 140.612 - Cash management.

Science.gov (United States)

2010-04-01

... 23 Highways 1 2010-04-01 2010-04-01 false Cash management. 140.612 Section 140.612 Highways FEDERAL HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION PAYMENT PROCEDURES REIMBURSEMENT Reimbursement for Bond Issue Projects § 140.612 Cash management. By July 1 of each year the SHA will provide...

Corporate Cash Holdings and Shareholder Risk : Investigating the relationship between corporate cash holdings and the risk of stocks listed on the Stockholm Stock Exchange

OpenAIRE

Olausson, Jonas; Löfgren, Christoffer

2013-01-01

Corporate cash holdings is a topic constantly under review, companies hoarding cash are criticized by shareholders who rather have companies using their cash for new investments or dividend payouts. Recent academic research has discovered that levels of cash holding are high in times when risk is deemed to be high and found that levels of corporate cash holdings are substantially higher than they used to, making more coverage and a better understanding of the phenomenon crucial. This thesis i...

Department of the Treasury, Internal Revenue Service: Statement in Preamble to Regulations That Cash Balance Plans Are Not Age-Discriminatory

National Research Council Canada - National Science Library

2001-01-01

... prohibiting pension plans from discriminating based on age. Under the circumstances, Treasury should not have opined on whether cash balance plans were age discriminatory in a public manner without having coordinated that position with DOL and EEOC...

Lessons about Cash and Manager Priorities

Science.gov (United States)

Mong, Donald

2013-01-01

Experienced managers know that cash affects virtually every aspect of a company's strategy and operations. Business students and new managers, however, sometimes lose sight of the importance of cash amidst the details of accrual-based accounting courses, formula-based finance courses, and production-based management courses. We therefore use…

Cash Management/Data Matching. Training Guide.

Science.gov (United States)

Office of Student Financial Assistance (ED), Washington, DC.

This training guide for financial aid staff explains the process of direct loan reconciliation and suggests appropriate cash management accounting practices. Chapter 1 explains the importance of cash management, the role of data matching, and reviews basic reconciliation concepts and terms and direct loan reporting requirements. Chapter 2 reviews…

7 CFR 4274.343 - Application.

Science.gov (United States)

2010-01-01

... funds to the ultimate recipient, monitoring of the ultimate recipient's accomplishments, and reporting... intermediary if less than 3 years; and projected cash flow and earnings statements for at least 3 years...

13 CFR 500.211 - Lender responsibilities.

Science.gov (United States)

2010-01-01

...) Monitoring. In accordance with the Guarantee the Lender shall monitor Borrower's performance under the Loan... borrower, as provided in the Guarantee; (2) Projected balance sheet, income statement, and cash flows for...

Basic Finance

Science.gov (United States)

Vittek, J. F.

1972-01-01

A discussion of the basic measures of corporate financial strength, and the sources of the information is reported. Considered are: balance sheet, income statement, funds and cash flow, and financial ratios.

THE IT ANNUAL REPORTS USED IN THE FINANCIAL ANALYSIS

Directory of Open Access Journals (Sweden)

Nechita Anca

2010-07-01

Full Text Available In the paper the authors presented the importance of financial reporting system used in financial analysis of IT firms. Thus were presented balance sheet, income statement and cash flows.

Title IV Cash Management Life Cycle Training. Participant's Guide.

Science.gov (United States)

Department of Education, Washington, DC.

This participant's guide includes: "Introduction: Welcome to Cash Management Life Cycle Training"; "Module 1: Review of Cash Management Principles" (cash management overview and activity); "Module 2: Common Origination and Disbursement (COD) System Overview" (e.g., full participants and phase-in participants, COD…

Cash Holdings Policy: a Dynamic Analysis of Brazilian Companies

Directory of Open Access Journals (Sweden)

Fadwa Muhieddine Dahrouge

2013-09-01

Full Text Available This paper investigates how corporate cash holdings were adjusted over time for Brazilian companies during the crisis of 2008-2009. We adopt a dynamic model of corporate cash holdings to evaluate the main determinants for the speed of adjustment of cash holdings at the optimum level. We find evidence that: a the adjustment costs of Brazilian companies are high implying a delay in reaching the optimum level of cash; b the low speed adjustment to the optimum level is due to the limited availability of credit and the high cost of bank debt; c during crisis, the changes in working capital are positively related to the level of cash holdings providing evidence that companies prefer finance to growth with liquidity; d companies have looked for long-term financing to secure liquidity rather than investing on fixed assets, implying a negative relationship between investment and cash holding.

School District Cash Management. Program Audit.

Science.gov (United States)

New York State Legislative Commission on Expenditure Review, Albany.

New York State law permits school districts to invest cash not immediately needed for district operation and also specifies the kinds of investments that may be made in order to ensure the safety and liquidity of public funds. This audit examines cash management and investment practices in New York state's financially independent school districts.…

Cash transfers for HIV prevention: considering their potential.

Science.gov (United States)

Heise, Lori; Lutz, Brian; Ranganathan, Meghna; Watts, Charlotte

2013-08-23

Cash payments to vulnerable households and/or individuals have increasingly garnered attention as a means to reduce poverty, improve health and achieve other development-related outcomes. Recent evidence from Malawi and Tanzania suggests that cash transfers can impact HIV-related behaviours and outcomes and, therefore, could serve as an important addition to HIV prevention efforts. This article reviews the current evidence on cash transfers for HIV prevention and suggests unresolved questions for further research. Gaps include (1) understanding more about the mechanisms and pathways through which cash transfers affect HIV-related outcomes; (2) addressing key operational questions, including the potential feasibility and the costs and benefits of different models of transfers and conditionality; and (3) evaluating and enhancing the wider impacts of cash transfers on health and development. Ongoing and future studies should build on current findings to unpack unresolved questions and to collect additional evidence on the multiple impacts of transfers in different settings. Furthermore, in order to address questions on sustainability, cash transfer programmes need to be integrated with other sectors and programmes that address structural factors such as education and programming to promote gender equality and address HIV.

40 CFR 35.3560 - General payment and cash draw rules.

Science.gov (United States)

2010-07-01

... for set-asides. A State may draw cash through the ACH for the full amount of costs incurred for set... incurred project costs prior to drawing cash. A State may not draw cash for a particular project until the... 40 Protection of Environment 1 2010-07-01 2010-07-01 false General payment and cash draw rules. 35...

Cash efficiency for bank branches

OpenAIRE

Cabello, Julia Garc?a

2013-01-01

Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks? branches is also a relevant issue as any significant improvement in cash management at the bank ...

Desarrollo de un modelo de determinación de cash-flows para un proyecto de energía eólica

Directory of Open Access Journals (Sweden)

Irene Clara Pisón Fernández

2015-06-01

Full Text Available En este trabajo se analiza la problemática asociada a la producción de energía eléctrica de origen renovable, y se ofrece un modelo de definición de las variables en las que se apoya el plan de negocio de energía eólica. El plan de viabilidad muestra que los cash-flows para el accionista obtenidos en este tipo de proyectos permiten afrontar las inversiones futuras con una rentabilidad suficiente, que apunta al sector de energías renovables, y en particular al de energía eólica, como estratégico dentro de la economía española de las próximas décadas.

Intangible Capital and Corporate Cash Holdings: Theory and Evidence

OpenAIRE

Dalida Kadyrzhanova; Antonio Falato; Jae Sim

2012-01-01

The rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. We construct a new measure of intangible capital and show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other standard determinants together. We then develop a new model of corporate cash holdings that introduces intangibl...

Otimização de fluxos em rede na gestão financeira do caixa: aplicação em uma empresa agroindustrial Cash management network flow optimization: application within an agroindustrial company

Directory of Open Access Journals (Sweden)

José Vinícius de Avila Pacheco

2010-01-01

Full Text Available Neste estudo, formulou-se o problema de gestão do fluxo de caixa encontrado em uma típica empresa agroindustrial como um modelo de otimização de fluxos em rede (com perdas e ganhos proposto em Golden, Liberatore e Lieberman (1979. O objetivo é maximizar o retorno dos recursos financeiros do caixa no final de um horizonte de planejamento multiperíodos e finito. Dois exemplos são estudados aplicando-se programação linear: no primeiro, o modelo original de fluxos em rede é usado para apoiar decisões operacionais de fluxo de caixa e, no segundo, o modelo é estendido para tratar de um planejamento tático de pagamentos de empréstimos. Os modelos matemáticos são resolvidos usando-se a ferramenta de otimização de um software de planilha eletrônica bem conhecido na prática de empresas. Os resultados numéricos obtidos mostram que os modelos são flexíveis e eficazes, sendo capazes de gerar soluções tão boas ou melhores do que as da tesouraria da empresa.In this study we formulate the cash flow management problem encountered in a typical agroindustrial company as a network flow optimization model (with gains and losses proposed in Golden, Liberatore e Lieberman (1979. The objective is to maximize the cash return of the financial resources at the end of a multi-period and finite planning horizon. Two examples are studied applying linear programming: in the first, the original network flow model is used to support operational cash flow decisions and in the second, the model is extended to deal with a tactical planning of loan payments. The mathematical models are solved using the optimization tool of a widely-used software spreadsheet package. The numerical results obtained show that the models are flexible and effective, being able to generate solutions, equal to or superior to the company solutions.

Cash Conversion Cycle, Cash Management and Profitability: An Empirical Study on the ISE Traded Companies

OpenAIRE

Tulay Yucel; Gulizar Kurt

2002-01-01

This paper investigates the relationship of cash conversion cycle, a tool in working capital management, with profitability, liquidity and debt structure. The data covering the period of 1995-2000, of 167 firms whose stocks are listed on the Istanbul Stock Exchange (ISE). The cash conversion cycle, profitability, liquidity and debt structure were examined comparatively in this study on the basis of period, industry and firm size. It was examined that the relationships of these variables and t...

quarterly financial report for the period ending 31 December 2012

International Development Research Centre (IDRC) Digital Library (Canada)

acray

2012-12-31

Dec 31, 2012 ... Condensed Interim Statement of Cash Flows. 15. Notes to the ... This Management's Discussion and Analysis (MD&A) provides a narrative discussion outlining ... Work and Budget and IDRC's Annual Report 2011-2012.

Cash in the Czech Republic: Trend Analysis 2003–2015

Directory of Open Access Journals (Sweden)

Zbyněk Revenda

2017-03-01

Full Text Available Electronization of banking services is a  strong reason for relative growth of cashless payments. The importance of cash, i.e., banknotes and coins, for realizing transactions should decrease. An analysis for the Czech Republic in the period 2003–2015 confirms this. Demand of nonbank entities for cash is associated mainly with liquidity, banks’ credibility and technological sophistication. Illegal transactions also form part of the demand. Zero return on cash counteracts demand, but it has little meaning with the decline in interest rates on bank deposits. The total stock of cash in the analyzed period rises, but its relative importance declines. Demand deposits are also liquid assets of households and enterprises. Cash compared with demand deposits clearly confirms the declining importance. Its share was the highest in 2004, at 30 %. It fell to less than 18 % in 2015. We found a similar tendency in the comparison of cash with other variables. Barring unforeseen circumstances such as complete collapse of computer networks or severe banking crisis, the author assumes that the relative importance of cash must decline in the long term. Some theoretical aspects of cash and cashless money are also discussed.

Initial cash/asset ratio and asset prices: an experimental study.

Science.gov (United States)

Caginalp, G; Porter, D; Smith, V

1998-01-20

A series of experiments, in which nine participants trade an asset over 15 periods, test the hypothesis that an initial imbalance of asset/cash will influence the trading price over an extended time. Participants know at the outset that the asset or "stock" pays a single dividend with fixed expectation value at the end of the 15th period. In experiments with a greater total value of cash at the start, the mean prices during the trading periods are higher, compared with those with greater amount of asset, with a high degree of statistical significance. The difference is most significant at the outset and gradually tapers near the end of the experiment. The results are very surprising from a rational expectations and classical game theory perspective, because the possession of a large amount of cash does not lead to a simple motivation for a trader to bid excessively on a financial instrument. The gradual erosion of the difference toward the end of trading, however, suggests that fundamental value is approached belatedly, offering some consolation to the rational expectations theory. It also suggests that there is a time scale on which an evolution toward fundamental value occurs. The experimental results are qualitatively compatible with the price dynamics predicted by a system of differential equations based on asset flow. The results have broad implications for the marketing of securities, particularly initial and secondary public offerings, government bonds, etc., where excess supply has been conjectured to suppress prices.

Taxable Cash Dividends

DEFF Research Database (Denmark)

Bechmann, Ken L.; Raaballe, Johannes

Firms pay out cash using both dividends and share repurchases. In many aspects these two means are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper...... provides an explanation for this dividend puzzle by developing a class of signaling models violating the "single-crossing" property in which information about the quality of the firm is asymmetric between the management and the shareholders. In these models a high-quality firm can always signal its quality...... by using share repurchases only. However, in certain cases share repurchases become costlier on the margin for a high-quality firm than for a low-quality imitator. In such cases, the high-quality firm signals most cost efficiently by means of a combination of share repurchases and taxable cash dividends...

PENGARUH KUALITAS AKRUAL DAN LEVERAGE TERHADAP CASH HOLDING PERUSAHAAN

Directory of Open Access Journals (Sweden)

Anggita Langgeng Wijaya

2010-12-01

Full Text Available This research tests the effect of accrual quality and leverage on corporate cash holding for a sample of manufacturing company listed in Indonesian Stock Exchange over the period 2006-2007. This research also tests the role of asymmetric information as a mediating variable on the relation between accrual quality and cash holding. Population of this research is 197 manufacturing companies at the Indonesian Stock Exchange. This research uses the purposive sampling method. Hypothesis test of this research em­ploys multiple regression analysis and path analysis. The results show that: accrual quality does not affect asymmetric information; asymmetric information positively affects corporate cash holdings; asymmetric information is not a mediating variable on the relation between accrual quality and cash holding; leverage negatively affects corporate cash holding.

A cash flow model of development activity and the scope for energy savings. [Commercial office buildings

Energy Technology Data Exchange (ETDEWEB)

Leifer, D [Queensland Univ., St. Lucia (AU). Dept. of Architecture

1991-01-01

When proposing energy saving measures to the developers of large commercial office projects, it is necessary to appreciate what the developers' goals and perceptions are. This paper looks at a simple cash-flow model of development activity, and illustrates the potential for energy savings with reference to some data from two major Australian cities. This data was collected between July and November 1989 by surveys which were carried out on the basic design of 26 of the tallest Brisbane commercial office buildings. This survey followed an extensive investigation into the premises needs of modern office building tenants in Brisbane, in which over 200 CBD tenants were questioned. This investigation showed that there was an increasing need for air conditioning capacity and electrical power; greater tendencies for ''after hours'' office work; a desire for larger floor-plates to cater for expanding tenant organizations, and the emergence of ''professional tenants''. These observations have been documented elsewhere in the orbit reports amongst others. The buildings surveyed represent 60% of the estimated Brisbane central business district (CBD) office stock of area 1,256,000 m{sup 2}. (author).

Evaluation of Financial Situation of Company DEK TECHNIK, spol. s r.o. and Suggestions for Improvement

OpenAIRE

Kuba, Štěpán

2010-01-01

The objective of this Bachelor thesis is to evaluate financial position of chosen company, trading in engineering. Financial analysis is used as a tool of evaluation resulting from financial statements, mainly the balance sheet, profit and loss statement and cash-flow statement from years in between 2004 and 2008. Based on obtained results is the company's financial situation evaluated and various actions are suggested, meant to be effective in successful future development of a company.

17 CFR 256.136 - Temporary cash investments.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Temporary cash investments... UTILITY HOLDING COMPANY ACT OF 1935 3. Current and Accrued Assets § 256.136 Temporary cash investments. This account shall include the cost of investments, such as demand and time loans, bankers' acceptances...

ASSETS STRUCTURE AT CREDIT UNIONS

Directory of Open Access Journals (Sweden)

Tiplea Augustin

2011-12-01

Full Text Available Balance is a static tool for assessing the entity's position, profit and loss on one hand and cash flow statement on the other hand. These are dynamic situations on one hand showing the effectiveness or ineffectiveness of the total consumption of resources ( profit and loss and on the other hand entity's business viability (by cash flows. As reflection of financial position, the balance, established at the end of the reporting period (called a financial year, describes separately items of assets, liabilities and equity of the company. Assets are resources controlled by the enterprise as a result of past events and from which is expected to generate future economic benefits for the enterprise. The economic benefits correspond to a production potential, a possibility for conversion into cash or a reduction in output capacity of funds (cost reduction that an asset contributes, directly or indirectly to a company-specific cash flow.

Multinational cash management and conglomerate discounts in the euro zone

NARCIS (Netherlands)

Eije, Henk von; Westerman, Wim

2001-01-01

We discuss the impact of liberalisation, deregulation and the introduction of a single currency on cash management within multinationals in the euro zone. The developments in the euro zone reduce financial market imperfections in transferring cash and diminish the need for separate local cash

47 CFR 32.1120 - Cash and equivalents.

Science.gov (United States)

2010-10-01

..., destroyed, or otherwise disposed of is replaced, and also cash realized from the sale of the company's securities and deposited with trustees to be held until invested in physical property of the company or for...; the amount of cash deposited to insure the performance of contracts to be performed within one year...

Cash Holdings and Leverage of German Listed Firms

DEFF Research Database (Denmark)

Rapp, Marc Steffen; Killi, Andreas Maximilian

2016-01-01

We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using prediction models...... firms are associated with measures of uncertainty faced by firms. Our results suggest that German firms have increased (reduced) their cash (net debt leverage) levels over time in order to adopt more precautionary financial policies....

34 CFR 668.161 - Scope and purpose (cash management rules).

Science.gov (United States)

2010-07-01

... 34 Education 3 2010-07-01 2010-07-01 false Scope and purpose (cash management rules). 668.161... POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION STUDENT ASSISTANCE GENERAL PROVISIONS Cash Management § 668.161 Scope and purpose (cash management rules). (a) General. (1) This subpart establishes the rules and...

Divulgação voluntária da demonstração dos fluxos de caixa no mercado de capitais Brasileiro Voluntary disclosure of statement of cash flows in the Brazilian capital market

Directory of Open Access Journals (Sweden)

Bruno Meirelles Salotti

2008-12-01

Full Text Available Este trabalho avalia os motivos da divulgação voluntária da DFC, Demonstração dos Fluxos de Caixa, no mercado de capitais brasileiro. Para tal, utiliza o referencial teórico da Teoria da Divulgação Voluntária. A partir do modelo proposto por Verrecchia (2001, são elaboradas cinco hipóteses relacionando a divulgação voluntária da DFC a outras variáveis. Essas hipóteses são testadas a partir dos dados das companhias abertas com ações listadas na BOVESPA, Bolsa de Valores de São Paulo, as quais divulgaram voluntariamente a DFC no período de 2000 a 2004. Utilizam-se testes estatísticos univariados de diferenças de médias e multivariados, a partir da aplicação do modelo da regressão logística. As evidências empíricas sugerem que a divulgação voluntária da DFC tem forte correlação positiva com a divulgação voluntária passada da DFC e positiva com a importância dada pela empresa às percepções dos outsiders. Percebe-se, ainda, correlação positiva com o desempenho da empresa; negativa com os custos de divulgação e negativa com o nível de assimetria informacional. Também é empregada uma variável de controle relacionada à participação das empresas nos programas de ADRs, American Depositary Receipts, notandose uma correlação positiva entre a divulgação da DFC e a participação das empresas nos programas de ADRs.This paper analyzes companies' motives to voluntarily disclose the SCF - Statement of Cash Flows in the Brazilian capital market, using the theoretical frame of Voluntary Disclosure Theory. Based on Verrecchia's (2001 model, five hypotheses are constructed to relate voluntary disclosure of SCF to other variables. These hypotheses are tested with data from public companies listed on BOVESPA, Bolsa de Valores de São Paulo, which voluntarily disclosed SCF from 2000 to 2004. Univariate statistical mean difference tests and multivariate logistic regression are used. Empirical evidence suggests a

Internationalization and Corporate Cash Holdings: Evidence from Brazil and Mexico

Directory of Open Access Journals (Sweden)

Newton Arata

2015-05-01

Full Text Available This research expands on previous studies of cash holdings and their determinants by studying the relationship between the degree of internationalization and the level of corporate cash holdings. We used a sample of nonfinancial, publicly traded companies from Brazil and Mexico for the period from 2006 to 2010. Our results suggest that the degree of internationalization is a determinant of cash, and that cash holding increases quadratically as the degree of company internationalization grows. Such behavior was different from the North American company studies in Chiang and Wang (2011. Similar to previous studies, both Trade-off and Pecking Order predictions are relevant control variables in our model. Finally, companies held less cash on their balance sheets during the precrisis period.

GASB 35: The New Financial Reporting Requirements for Public College and Universities.

Science.gov (United States)

Qayoumi, Mohammad H.

2001-01-01

Presents the basic financial reporting elements of the Governmental Accounting Standards Board (GASB-35) for public colleges and universities, including statements of net assets and cash flow reporting. The GASB-35's impact on facilities managers is discussed. (GR)

Directors' report and accounts 1991-1992

International Nuclear Information System (INIS)

1993-01-01

This report for Scottish Hydro-Electric PLC contains details of key financial statistics, the financial calendar, the Directors' Report, the Auditors' Report, accounting policies, a Group Profit and Loss Account, balance sheets and a Group Cash Flow Statement. (UK)

Management and financial report 2010: managing today to prepare to-morrow

International Nuclear Information System (INIS)

2011-01-01

This document presents the financial statements of the ANDRA (the French national agency for the management of radioactive wastes) for the year 2010: final accounts, cash flows, financing table. It also contains the auditor's report on the annual accounts

An Embarrassment of Ritches: Winning Ways to Value with the WACC

Directory of Open Access Journals (Sweden)

Ignacio Vélez-Pareja

2006-02-01

Full Text Available There are many different ways to calculate the Weighted Average Cost of Capital (WACC and for the beginner the plethora of possibilities may be very confusing. We present a general framework for classifying the WACCs that are applied to the FCF and the CCF. For the moment, we avoid complexities. To facilitate the discussion, we classify the menagerie of WACCs along three dimensions. We hope that the structured framework assists the reader in making the correct decision with respect to the calculation of the cost of capital in practice. First, we present a qualitative discussion on the dimensions of the framework. Second, we specify the appropriate formulas and calculations for the cells in the framework. At the outset, it is important to stress that this paper is concerned only with finite cash flows. In our judgment, it is best to discuss expressions for the cost of capital that are relevant to finite cash flows and this needs no further justification. The continued use of cost of capital formulas that are appropriate for cash flows in perpetuity is inexplicable and incomprehensible. From a practical point of view, free cash flows are derived from financial statements, which are not constructed in perpetuity. At best, expressions for the cost of capital that are derived from cash flows in perpetuity may be reasonable approximations for finite cash flows. At worst, the results could be misleading.

Cash Management and Short-Term Investments for Colleges and Universities.

Science.gov (United States)

Haag, Leonard H.

Effective cash management and short-term investing are discussed in this "how to" guide designed to benefit most institutions of higher education. The following premises are examined: proper compensation for effective cash management is not an expense but an investment; effective cash management and short-term investment programs do not depend on…

Cash on Demand: A Framework for Managing a Cash Liquidity Position.

Science.gov (United States)

Augustine, John H.

1995-01-01

A well-run college or university will seek to accumulate and maintain an appropriate cash reserve or liquidity position. A rigorous analytic process for estimating the size and cost of a liquidity position, based on judgments about the institution's operating risks and opportunities, is outlined. (MSE)

The Role of Cash Flow in Financial Early Warning of Agricultural Enterprises Based on Logistic Model

Science.gov (United States)

Sun, Fengru

2018-01-01

This paper chooses the agricultural listed companies as the research object, compares the financial situation of the enterprise and the theory of financial early warning, combines the financial status of the agricultural listed companies, selects the relevant cash flow indicators, discusses the application of the Logistic financial early warning model in the agricultural listed companies, Agricultural enterprises get better development. Research on financial early warning of agricultural listed companies will help the agricultural listed companies to predict the financial crisis. Financial early warning model is simple to establish, operational and strong, the use of financial early warning model, to help enterprises in the financial crisis before taking rapid and effective measures, which can avoid losses. Help enterprises to discover signs of deterioration of the financial situation in time to maintain the sustainable development of agricultural enterprises. In addition, through the financial early warning model, investors can correctly identify the financial situation of agricultural enterprises, and can evaluate the financial situation of agricultural enterprises and to help investors to invest in scientific and rational, beneficial to investors to analyze the safety of investment. But also help the relevant regulatory agencies to effectively monitor the market and promote the healthy and stable development of the market.

REAL ESTATE INVESTMENTS IN ROMANIA – ANALYSIS AND TENDENCIES

OpenAIRE

Ana Morariu; Cornel Dumitru Crecana

2009-01-01

A development of real estate companies have been taken in last few years related to Romanian property investment market. These companies were submitted to "globalization", in the sense of mergers, acquisitions, partnerships with multinational companies. Because users of financial statements (in special investors) a view as fair as possible of financial position, performance and cash flow statement, an accounting according to IFRS is needed.

DETERMINANTS OF RURAL FARMERS PREFERENCE FOR CASH-LESS TRANSACTIONS IN IMO STATE

Directory of Open Access Journals (Sweden)

Igwe Ikenna UKOHA

2017-04-01

Full Text Available The preference for cash-less transaction by Nigerians cannot be exaggerated, but despite its patronage, there exist limited access and utilization of the cash-less technologies among farmers in South-East Nigeria. The study analysed the determinants of rural farmers’ preference for cash-less transactions in Imo state, South-East Nigeria. Multi-stage sampling technique was employed in selection of 100 farmers for the study. The determinant of rural farmers’ preference for cash-less transactions in Imo State, was achieved using logit model. The result of the analysis showed that age (5%, gender (10% education levels of the farmers (1%, user friendliness of technologies (5%, transaction charge (5% and security of transactions (5% were found to be the major determinants of farmers preference for cash-less transactions based on their levels of significance. Centred on the findings, the study recommended the strengthening of the use of cash-less transaction by farmers by providing a favourable financial environment through better orientation programs, so as to enable a smooth transition from a cash-based economy to cash-less economy.

ROLE AND SIGNIFICANCE OF STATEMENT OF OTHER COMPREHENSIVE INCOME– IN RESPECT OF REPORTING COMPANIES’ PERFORMANCE

Directory of Open Access Journals (Sweden)

Ildiko Orban

2014-07-01

following: gains and losses on remeasuring available-for-sale financial assets, gains/losses on hedging instruments in a cash flow hedge, or in an investment hedge, and gains/losses arising from translating the financial statements of foreign operations. In Hungary the IFRS consolidated report is obligatory for the listed companies at Budapest Stock Exchange, and most of these companies present other comprehensive income, but the significance and aim of this kind of income is not commonly known yet.

Creditor rights, country governance, and corporate cash holdings

NARCIS (Netherlands)

Seifert, Bruce; Gonenc, Halit

2016-01-01

This study examines the impact of creditor rights and country governance on cash holdings using a sample of firms from 47 countries. We hypothesize that cash holdings are smaller when both creditor rights and country governance are high. In these circumstances firms will not need to hold as much

Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia

Directory of Open Access Journals (Sweden)

Aldea Mita Cheryta

2018-02-01

Full Text Available This research aimed to analyze the effect of leverage and asymmetry information on the firm value through cash holding as mediation variable. The populations of this research were all the firms which listed on the Indonesia Stock Exchange since 2012 – 2015. A sample of this research was saturated sample and census, consisted 56 firms related the population criteria.  This research used secondary data from the firm financial report through path analysis method. This research showed that leverage had a negative effect on the cash holdings, asymmetry information had a negative effect on the firm value through cash holding, and cash holding had a negative effect on the firm value.  With leverage and effect on cash, holding cannot affect the firm value, due to investor risk-averse, investor risk seeker, and neutral investor has their own point of view in assessing the company. Cash holdings can lead to asymmetric information that can lead to agency conflict that can affect a company's performance, so that indirectly, with the existence of asymmetry information had an effect on the declining the firm value. 

Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA Valuation: From The Discounted Cash Flows (DCF Approach To The Real Options Approach (ROA

Directory of Open Access Journals (Sweden)

Cecilia Maya Ochoa

2004-12-01

Full Text Available There exists an abysm between market prices and traditional valuation approaches such as Discounted Cash Flows (DCF, a fact that neither academics nor practitioners could continue ignoring. Recently, a complementary approach has taken a foothold into the valuation world. Building on the DCF approach yet going further in the sense of incorporating flexibility in management investment decisions, and taking advantage of the advances in option pricing theory, the real options approach (ROA has become the alternative to capital budgeting and, lately, to corporate valuation. Empirical evidence shows that ROA explains actual prices better than DCF approaches and nowadays there is no question that from a theoretical point of view, ROA is a much more appealing concept than passive NPV. However, its acceptance by practitioners has been very slow due to the complexity of real options pricing.Existe un abismo entre precios de Mercado y la valoración estimada por métodos tradicionales tales como Flujos de Caja Descontados, un hecho que ni académicos ni practicantes pueden continuar ignorando. Recientemente, una metodología complementaria ha tomado gran fuerza. Partiendo de los Flujos de Caja Descontados, pero incorporando flexibilidad en las decisiones de inversión y aprovechando los avances en la teoría de valoración de opciones, el enfoque de opciones reales (ROA se ha convertido en la alternativa para presupuestación de capital y valoración de empresas. La evidencia empírica muestra que ROA explica los precios de mercado mejor que los enfoques basados en flujos de caja descontados y, hoy en día, no hay discusión de que es más atractivo desde un punto de vista teórico; sin embargo, su utilización en la práctica ha sido muy limitada debido a las dificultades que presenta la valoración de las opciones reales.

PENILAIAN SAHAM PT PEMBANGUNAN PERUMAHAN PROPERTI DALAM RANGKA INITIAL PUBLIC OFFERING

Directory of Open Access Journals (Sweden)

Rifki Khoirudin

2017-05-01

Full Text Available This research aimed to estimate fair value per share of PT Pembangunan Perumahan Properti Tbk. as a comparison value to the offered price, set at the time of Initial Public Offering (IPO. This research also aimed to determine whether the price offered at the time of IPO was undervalued or overvalued. Information used in this research was in the form of secondary data of PT Pembangunan Perumahan Properti, financial report of comparable companies, and stock prices of comparable companies. The analyzing tools used to determine the fair value per share were discounted cash flow method and relative valuation method. The discounted cash flow method was performed through: projection of the financial statements i.e. the balance sheet and income statement, projection of Free Cash Flow to Equity (FCFE, determination of the discount rate, determination of terminal value, and determining the estimated value of the equity. The relative valuation method was established by searching, choosing and determining the appropriate multiple of comparable companies in similar bussines. Multiples used were: Price Earnings Ratio (PER, Price to Book Value (PBV, and Price to Sales Ratio (P/S. Penelitian ini bertujuan untuk mengestimasi nilai wajar per lembar saham PT Pembangunan Perumahan Properti sebagai nilai pembanding bagi harga penawaran yang telah ditetapkan pada saat Initial Public Offering (IPO. Penelitian ini juga dimaksudkan untuk mengetahui apakah harga penawaran yang ditetapkan pada saat IPO berada dalam kondisi undervalued atau overvalued. Informasi yang digunakan dalam penelitian ini berasal dari data sekunder berupa laporan keuangan PT Pembangunan Perumahan Properti, laporan keuangan perusahaan pembanding, dan data harga saham perusahaan pembanding. Metoda analisis yang digunakan untuk menentukan nilai wajar per lembar saham adalah Discounted Cash Flow dan Relative Valuation. Analisis metoda Discounted Cash Flow dilakukan dengan cara: proyeksi laporan

Southwestern Federal Power System combined financial statements and supplemental schedules (with independent auditors` reports thereon) for the years ended September 30, 1996 and 1995

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-12-04

This report presents the results of the independent certified public accountants` audit of the Southwestern Federal Power System`s (SWFPS) combined power system statement of assets, Federal investment and liabilities, and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The 1996 financial statement audit was made under the provisions of the Inspector General Act (5 U.S.C. App.), as amended, the Government Management Reform Act (31 U.S.C. 3515), and Office of Management and Budget implementing guidance. The auditors` work was conducted in accordance with generally accepted government auditing standards. To fulfill audit responsibilities, the Office of Inspector General contracted with the independent public accounting firm of KPMG Peak Marwick LLP (KPMG) to conduct the audit for them, subject to their review. The auditors` report on SWFP`s internal control structure disclosed a reportable condition directed to the Southwestern Power Administration concerning a delay in properly classifying the value of plant assets. The report also included two reportable conditions directed to the Army Corps of Engineers regarding the inconsistent calculation of depreciation expense and the misallocation of multipurpose costs. None of these reportable conditions were considered to be material weaknesses. The auditors` report on SWFP`s compliance with laws and regulations disclosed no new instances of noncompliance by Southwestern.

Interim Columbia and Snake rivers flow improvement measures for salmon: Final Supplemental Environmental Impact Statement (SEIS)

Energy Technology Data Exchange (ETDEWEB)

1993-03-01

Public comments are sought on this final SEIS, which supplements the 1992 Columbia River Salmon Flow Measures Options Analysis (OA)/Environmental Impact Statement (EIS). The Corps of Engineers, in cooperation with the Bonneville Power Administration and the Bureau of Reclamation proposes five alternatives to improve flows of water in the lower Columbia-Snake rivers in 1993 and future years to assist the migration of juvenile and adult anadromous fish past eight hydropower dams. These are: (1) Without Project (no action) Alternative, (2) the 1992 Operation, (3) the 1992 Operation with Libby/Hungry Horse Sensitivity, (4) a Modified 1992 Operation with Improvements to Salmon Flows from Dworshak, and (5) a Modified 1992 Operation with Upper Snake Sensitivity. Alternative 4, Modified 1992 Operations, has been identified as the preferred alternative.

Your organization should consider a cash-balance pension plan.

Science.gov (United States)

Godwin, N H; Key, K G

2000-08-01

In recent years, a growing number of healthcare organizations have dropped the traditional defined-benefit pension plan and adopted cash-balance pension plans. A cash-balance pension plan generally allows employers to pay less in overall pension benefits and administration costs. A cash-balance pension plan pays benefits according to a predetermined formula based on an average of the employee's annual salary over his or her length of service. This provides recognizable benefits to younger employees but lower overall benefits to employees who have a long length of service. To assuage employees who may feel cheated out of the pension benefits they expected, employers that change to a cash-balance pension plan should consider offering higher guaranteed growth rates, advanced notification of the change to the new plan, and generous early-retirement options for employees with longer lengths of service.

The Management of Cash. NACUBO Professional File, Volume 9, Number 6.

Science.gov (United States)

Boyles, William W.

With today's relatively high interest rates, inflationary trend, and declining public support to higher education, cash management programs are of interest to the academic business officer as well as the commercial businessman. Four areas in which the management of cash can be improved are: (1) speeding collections of cash; (2) delaying…

Pengaruh Cash Turnover, Loan to Deposit Ratio, Capit al Adequacy Ratio, dan Dana Pihak Ketiga terhadap Profitabilitas LPD

Directory of Open Access Journals (Sweden)

Putu Cahyadi Sujana

2015-08-01

Full Text Available The  purpose of  this  study  was  to  determine  the  effect  of   cash  turnover ,  loan  to  deposit  ratio,   capi tal adequacyrat io,  and  third-party  funds  to  the profi tabil ity  of  Lembaga  Perkreditan  Desa  (LPD  in  Denpasar  2010-2012.Thi s study  used observasion  method is to study and look at the  financial statements of  the LPD  period 2010-2012  and  found  a  sample  of   34  LPD.  This  study  found  that  the  cash  turnover ,  loan  to  deposit  ratio  and  capi taladequacy  rat io  by  part ial  signi ficant  positive  effect  on  the  profitability  of  LPD  in  Denpasar  2010-2012.Meanwhile,  third-party funds  significant negat ive effect   on  the  profitabili ty of   LPD in Denpasar  2010-2012.

First half financial report; Rapport semestriel

Energy Technology Data Exchange (ETDEWEB)

NONE

2003-06-30

Delivering products and services to nuclear power plants operators, AREVA operates in every sector of the civilian nuclear power and fuel cycle industry. This first half financial report provides information on highlights concerning the nuclear power and the connectors, income statement, performance by division (front end division, reactors and services division, back end division and connectors division), cash flow, balance sheet, post-closing events and consolidated financial statements. (A.L.B.)

First half financial report

International Nuclear Information System (INIS)

2003-01-01

Delivering products and services to nuclear power plants operators, AREVA operates in every sector of the civilian nuclear power and fuel cycle industry. This first half financial report provides information on highlights concerning the nuclear power and the connectors, income statement, performance by division (front end division, reactors and services division, back end division and connectors division), cash flow, balance sheet, post-closing events and consolidated financial statements. (A.L.B.)

24 CFR 572.230 - Cash and Management Information (C/MI) System.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 3 2010-04-01 2010-04-01 false Cash and Management Information (C... HOMES PROGRAM (HOPE 3) Grants § 572.230 Cash and Management Information (C/MI) System. Disbursement of HOPE 3 grant funds is managed through HUD's Cash and Management Information (C/MI) System for the HOPE...

38 CFR 6.16 - Payment of cash value in monthly installments.

Science.gov (United States)

2010-07-01

... selected by the insured. If no designated beneficiary survives, the present value of any remaining unpaid... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Payment of cash value in... AFFAIRS UNITED STATES GOVERNMENT LIFE INSURANCE Cash Value § 6.16 Payment of cash value in monthly...

The effects of country and firm-level governance on cash management

NARCIS (Netherlands)

Seifert, Bruce; Gonenc, Halit

We examine the effects of both country and firm-level governance on cash holdings and the value of cash for a large international sample during the period 2002-2013. We find that both strong country and strong firm-level governance reduce the amount of cash holdings. We observe that a number of the

CASH FINANCIAL FLOWS PERFORMANCE ON THE OCCASION OF COLLECTING STATE TREASURY BUDGETARY CLAIMS

Directory of Open Access Journals (Sweden)

RISTI LUCIA

2015-07-01

Full Text Available The present paper analyzes the financial flows caused by the collection of taxes and other budget payments from businesses or other legal entities and individuals who have accounts with commercial banks, fact which amends the volume and structure of the execution of public funds, on the whole of public Treasury. The current legislation in Romania establishes the obligation for operators and other taxpayers to pay on their own initiative the debts they have to the state1 , otherwise, Ministry of Finance bodies2 are entitled and even obliged to undertake forced pursuing these state budget rights applying forced tracking forms to concerned taxpayers which are provided by law. In this respect, based on the information provided by its own accounting or tax decisions passed by the tax bodies; taxpayers, individuals or legal entities, submit payment documents whether to commercial banks where they have opened accounts or to operational units of Treasuries, if they have open available accounts ere, payment documents for their debts to the state and, all those transactions are subject to this research. Along with the cash settlement, the settlement of cashless payments for operators and other taxpayers who have bank accounts with commercial banks in order to pay their debts to the state, these can be achieved in three ways: on their own initiative; on the basis of payment documents deposited with commercial banks where they have opened their accounts on their own initiative; at the customs facilities in the case of import operations regarding state budget obligations connected to the nature of customs duties, excise duties, value added tax and; thirdly, on the tax authorities or customs initiative by forced tracking on the available accounts or other property of the debtor taxpayers.

Legal issues in cash balance pension plan conversions.

Science.gov (United States)

Forman, J B

2001-01-01

Replacing a traditional pension with a cash balance plan raises a number of complicated and unsettled legal issues, including the protection of accrued benefits, the rate of benefit accrual, age discrimination and notice requirements. This article discusses those issues and concludes that routine conversions to cash balance plans appear to be legal both currently and into the foreseeable future.

Cash usage in the Netherlands: How much, where, when, who and whenever one wants?

OpenAIRE

Nicole Jonker; Anneke Kosse; Lola Hernández

2012-01-01

Having accurate information on cash usage is essential for monitoring the substitution process of cash by cards and for assessing the cost efficiency of the payment system. Moreover, estimates on cash usage reflect the transaction demand for cash. This is useful for central banks which are responsible for producing and issuing banknotes. The latest estimates of the number and value of cash payments made in the Netherlands date from 2007. How has cash usage developed since then? In what branch...

Family control, institutional environment and cash dividend policy: Evidence from China

Directory of Open Access Journals (Sweden)

Zhihua Wei

2011-06-01

Full Text Available Using a sample of 1486 Chinese A-share listed companies for the period 2004–2008, this study empirically tests the impact of family control, institutional environment and their interaction on the cash dividend policy of listed companies. Our results indicate that (1 family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms; (2 a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies; and (3 the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms. Somewhat surprisingly, we find that controlling family shareholders in China may intensify Agency Problem I (the owner–manager conflict rather than Agency Problem II (the controlling shareholder–minority shareholder conflict, and thus have a significant negative impact on cash dividend policy. In contrast, a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem I and encouraging family firms to pay cash dividends.

Do Consumers Pay More Using Debit Cards than Cash?

DEFF Research Database (Denmark)

Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits...

76 FR 30982 - Submission for OMB Review; Comment Request

Science.gov (United States)

2011-05-27

... Securities and Exchange Commission (``Commission'') has submitted to the Office of Management and Budget... of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by.... In general, balance sheets for the preceding two fiscal years, income and cash flow statements for...

13 CFR 108.620 - Requirements to obtain information from Portfolio Concerns.

Science.gov (United States)

2010-01-01

... requirements of § 108.600 and must be in English. (a) Information for initial Financing decision. Before extending any Financing, you must require the applicant to submit such financial statements, plans of operation (including intended use of financing proceeds), cash flow analyses, projections, and such...

Accounting Issues: An Essay Series Part IX--Statement of Cash Flows

Science.gov (United States)

Laux, Judy

2009-01-01

This essay series, beginning with Laux [2007a], defends the proposition that eliminating the theoretical chapter from the principles level accounting course has weakened the introduction for students new to this subject, perhaps resulting in some adverse selection for the accounting profession. As a remedy, it offers concise theoretical articles…

Cash or Credit? Compensation in Psychology Studies: Motivation Matters

Directory of Open Access Journals (Sweden)

Holly J. Bowen

2017-05-01

Full Text Available It is common practice for psychology researchers to recruit their sample of participants from the undergraduate student population. Participants are typically compensated with partial course credit or a monetary payment. The current study reveals that the motivation to participate in a study (cash versus course credit can relate to performance on a behavioral task of rewarded memory. In Experiment 1, undergraduate participants were recruited and compensated for their time with either partial course credit or cash. Potential performance-based cash rewards were earned during a rewarded memory task, where correct recognition of half the stimuli was worth a high reward and the other half a low reward. Memory for high reward items was better than low reward items, but only for the cash group. The credit group did not modulate their performance based on the value of the stimuli. In Experiment 2, undergraduates were compensated with partial course credit for their time and given the opportunity to earn a bonus credit for performance on a memory test. The findings were in line with the results from the credit group of Experiment 1, suggesting that the modulation of performance in the cash group of Experiment 1 cannot be accounted for by congruency between motivation to participate and reward for task performance. Of methodological importance, the findings indicate that recruiting and compensating participants with cash versus course credit may influence the results on a rewarded memory task. This factor should be taken into consideration in studies of reward motivation.

THE CARD - CURRENCY WITH AND WITHOUT CASH

Directory of Open Access Journals (Sweden)

Nicoara Mihaela

2012-12-01

Full Text Available Use by individuals and businesses resulting in reduced cash cards in circulation, the corresponding increase in transfer payments and payments accounts also limit exchange risks and make effective use of currency. As a result, we have the effect of reducing cash in circulation. These advantages are also available for businesses and for banks and leads to favorable effects on import-export business. Following this, banks can diversify our products, so to meet customers' new products.

Cash to accrual accounting: Does it mean more control for the public sector? The case of revenue from non-exchange transactions

Directory of Open Access Journals (Sweden)

Francesco Capalbo

2013-12-01

Full Text Available Within the New Public Management, a fundamental role is played by changes in accounting measurement and recognition systems (in this case, the literature speaks specifically of New Public Financial Management. It has been substantially characterized by a gradual shift from cash to accrual accounting. In light of it, this paper aims to analyze some of the most significant conceptual and practical implications associated with the use of accrual accounting in the public sector – such as Italy’s, where most entities still use cash accounting – by looking closely at that full-accrual standard that seem to best show the system’s innovative reach: IPSAS 23 – Revenue from Non-Exchange Transactions (Taxes and Transfers. The switch-over broadens the scope of the accounting system, thereby leading to the recognition and consequent valuation of all the resources of any public-sector entity in its financial statements. As is often the case, though, greater utility implies greater complexity and innumerable elements of uncertainty are evidently still present.

Cash in the Czech Republic: Trend Analysis 2003–2015

OpenAIRE

Zbyněk Revenda

2017-01-01

Electronization of banking services is a  strong reason for relative growth of cashless payments. The importance of cash, i.e., banknotes and coins, for realizing transactions should decrease. An analysis for the Czech Republic in the period 2003–2015 confirms this. Demand of nonbank entities for cash is associated mainly with liquidity, banks’ credibility and technological sophistication. Illegal transactions also form part of the demand. Zero return on cash counteracts demand, but it has li...

Kontsernisisese cash pooling'u kasutamise võimalikud piirangud / Karl Kull

Index Scriptorium Estoniae

Kull, Karl, 1987-

2011-01-01

Cash pooling’ust kui finantsjuhtimise ühest alaliigist. Cash pooling’u kasutamise piirangutest: äriseadustiku §-des 159 ja 281 sätestatud laenukeelust ning emaettevõtja kohustuste võimalikust rikkumisest

DETERMINANTS OF CASH WAQF CONTRIBUTION IN KLANG VALLEY AND SELANGOR: A SEM APPROACH

Directory of Open Access Journals (Sweden)

Muhammad Rizky Prima Sakti

2016-08-01

Full Text Available Cash waqf is becoming one of the popular Islamic financial instruments which not only focus on the religiosity but also has significant impact to the ummah development. This waqf scheme does not require richness in wealth, yet everybody in the society can contribute to cash waqf. The importance of cash waqf is getting popular as it has benefited in many ways, for example it can be used to develop assets and abandoned land for business and agricultural purposes. In addition, cash waqf also can be utilized to help institutions who are facing financial problem or liquidity issues. Nonetheless, rarely we found in the literature that empirically examines the cash waqf determinants and contributions. This paper is one of the few empirical studies that investigate the determinants towards the contribution of cash waqf in Malaysia. The purpose of this paper is to investigate the main factors that influence people towards the contribution of cash waqf instruments, special reference to the Klang Valley and Selangor. This paper employs structural equation modeling (SEM to verify the determinants of cash waqf contribution. In doing so, we use primary data by distributing self-administrated questionnaire constituting a sample of 114 respondents from Klang Valley and Selangor. Our empirical results reveal that the main factors that driven people towards the contribution of cash waqf products are attitude and social influences, however interestingly religion obligation is not influence the contribution of cash waqf.

36 CFR 254.12 - Value equalization; cash equalization waiver.

Science.gov (United States)

2010-07-01

... 36 Parks, Forests, and Public Property 2 2010-07-01 2010-07-01 false Value equalization; cash... AGRICULTURE LANDOWNERSHIP ADJUSTMENTS Land Exchanges § 254.12 Value equalization; cash equalization waiver. (a..., either with or without adjustments of relative values as compensation for various costs, the parties to...

Modeling of information flows in natural gas storage facility

Science.gov (United States)

Ranjbari, Leyla; Bahar, Arifah; Aziz, Zainal Abdul

2013-09-01

The paper considers the natural-gas storage valuation based on the information-based pricing framework of Brody-Hughston-Macrina (BHM). As opposed to many studies which the associated filtration is considered pre-specified, this work tries to construct the filtration in terms of the information provided to the market. The value of the storage is given by the sum of the discounted expectations of the cash flows under risk-neutral measure, conditional to the constructed filtration with the Brownian bridge noise term. In order to model the flow of information about the cash flows, we assume the existence of a fixed pricing kernel with liquid, homogenous and incomplete market without arbitrage.

The promise and limitations of cash transfer programs for HIV prevention.

Science.gov (United States)

Fieno, John; Leclerc-Madlala, Suzanne

2014-01-01

As the search for more effective HIV prevention strategies continues, increased attention is being paid to the potential role of cash transfers in prevention programming in sub-Saharan Africa. To date, studies testing the impact of both conditional and unconditional cash transfers on HIV-related behaviours and outcomes in sub-Saharan Africa have been relatively small-scale and their potential feasibility, costs and benefits at scale, among other things, remain largely unexplored. This article examines elements of a successful cash transfer program from Latin America and discusses challenges inherent in scaling-up such programs. The authors attempt a cost simulation of a cash transfer program for HIV prevention in South Africa comparing its cost and relative effectiveness--in number of HIV infections averted--against other prevention interventions. If a cash transfer program were to be taken to scale, the intervention would not have a substantial effect on decreasing the force of the epidemic in middle- and low-income countries. The integration of cash transfer programs into other sectors and linking them to a broader objective such as girls' educational attainment may be one way of addressing doubts raised by the authors regarding their value for HIV prevention.

Do Consumers Pay More Using Debit Cards than Cash

DEFF Research Database (Denmark)

Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

2015-01-01

We conduct an incentivized experiment to study the effect of the payment method on spending. We find that the willingness to pay is higher when subjects pay with debit cards compared to cash. The result is robust to controlling for cash-on-hand constraints, spending type, price familiarity...

25 CFR 103.26 - What must the borrower supply the lender in its loan application?

Science.gov (United States)

2010-04-01

... cash flow statements; (i) A detailed list of all proposed collateral for the loan, including asset... amount and offer the proposed loan collateral; and (m) If the borrower is a business entity, resolutions... permitting the borrower to borrow the loan amount and offer the proposed loan collateral. ...

ED151, A Flawed Approach

Directory of Open Access Journals (Sweden)

Brian Andrew

2007-09-01

Full Text Available This paper argues the recent proposals expressed by the Australian Accounting StandardBoard in Exposure Draft 151 contradicts the historical trend of standard setters attemptingto achieve the objective of financial reporting, that is, the provision of decision-usefulinformation for users of general purpose financial reports. Historically, standard settershave tried to achieve this objective by reducing alternative treatments in accountingstandards and providing increasing levels of information for users. Exposure Draft 151affects many standards, however, this paper focuses on the proposal to allow preparers theoption of selecting between the direct or indirect method of presenting cash flows fromoperations in the statement of cash flows. We argue that this discretion contradicts thestated objective of financial reporting, as stated in the Conceptual Framework, as it will leadto the widespread adoption of the less informative indirect method, due to a structural biasin the requirements of AASB 107 and IASB 7, the relevant standards relating to thestatement of cash flows.

45 CFR 401.12 - Cuban and Haitian entrant cash and medical assistance.

Science.gov (United States)

2010-10-01

... cash and medical assistance (and related administrative costs) to Cuban and Haitian entrants according... 45 Public Welfare 2 2010-10-01 2010-10-01 false Cuban and Haitian entrant cash and medical... ENTRANT PROGRAM § 401.12 Cuban and Haitian entrant cash and medical assistance. Except as may be otherwise...

Paying Students to Learn: An Ethical Analysis of Cash for Grades Programmes

Science.gov (United States)

Warnick, Bryan R.

2017-01-01

A growing number of schools have begun experimenting with giving students cash rewards to improve academic performance. This practice has come to be known as "cash-for-grades." In this article, I examine some of the philosophical and ethical questions involved with cash-for-grades programmes, rather than focusing on whether such…

Profit and loss account in the international context

Directory of Open Access Journals (Sweden)

PALIU - POPA LUCIA

2011-06-01

Full Text Available Given that the objective of financial statements is to provide information about the financial position, financial performance and cash flows of an economic unit, useful for a wide range of users in making economic decisions, particular attention should be paid to the profit and loss account, which is the main instrument for reflecting the financial performance, because on the one hand it provides the information necessary for their evaluation, and on the other hand the information essential for determining the risk of cash flows. Even if each component of the financial statements provides different pieces of information, they should be correlated because they reflect different aspects of the same transactions or events, and in this article we will address the general aspects of profit and loss account from the perspective of profit and loss account models. In this regard, after a brief theoretical approach of the profit and loss account, we will indicate the advantages of two models of profit and loss account but without forgetting their limitations. Thus, we will provide the income statement structure on two stages of normalization: internationally and nationally.

Determinants of corporate cash holdings: Evidence from Portuguese publicly traded firms

Directory of Open Access Journals (Sweden)

Fernandes, Filipa

2017-05-01

Full Text Available This paper investigates the determinants of cash holdings of publicly traded Portuguese firms. We find that such firms hold less cash than similar companies operating in countries where both shareholders and creditors’ rights are more tightly protected by the law. In addition, our regression results suggest that leverage, other liquid assets, and firm growth are negatively correlated with our sample firms’ cash holdings whereas long-term debt and financial distress are positively correlated. Our findings cannot be reconciled with just one of the existent theories (trade-off, pecking order and free cashflow theory, and emphasize the importance of a country’s legal, institutional, and economic environment for explaining firms’ cash holdings decisions.

Annual review and directors' report and accounts

International Nuclear Information System (INIS)

1992-07-01

This annual report of Midlands Electricity PLC (MEB) presents a financial review of the Group and the directors' and auditors reports. Historical and current cost profit and loss accounts, balance sheets and cash flow statements are tabulated. The Group's financial history and regulatory accounts are also presented. (UK)

49 CFR 260.25 - Additional information for Applicants not having a credit rating.

Science.gov (United States)

2010-10-01

... statement setting forth the bases for such forecasts; and (iii) A spread sheet showing changes in financial..., based upon estimated and forecasted data; (c) Capital spending plans for the next five years; (d) Cash flow projections; (e) Contingency plans for termination of the project before completion, if necessary...

Laboratory administration--capital budgeting.

Science.gov (United States)

Butros, F

1997-01-01

The process of capital budgeting varies among different health-care institutions. Understanding the concept of present value of money, incremental cash flow statements, and the basic budgeting techniques will enable the laboratory manager to make the rational and logical decisions that are needed in today's competitive health-care environment.

Cash social transfers, direct taxes, and income distribution in late socialism

OpenAIRE

Milanovic, Branko

1993-01-01

The author analyzes the impact of direct taxes and cash social transfers on income distribution in Bulgaria, Czechoslovakia, Hungary, Poland and Yugoslavia in the years before the collapse of communism. He contrasts the results for socialist and market economies. Cash social transfers accounted for about a fifth of gross income, a proportion comparable with that in developed welfare economies. Generally, cash transfers were unrelated to income in socialist countries, in marked contrast with m...

Why do firms hold so much cash? A tax-based explanation

OpenAIRE

C. Fritz Foley; Jay C. Hartzell; Sheridan Titman; Garry Twite

2006-01-01

U.S. corporations hold significant amounts of cash on their balance sheets, and these cash holdings have been justified in the existing empirical literature by transaction costs and precautionary motives. An additional explanation, considered in this study, is that U.S. multinational firms hold cash in their foreign subsidiaries because of the tax costs associated with repatriating foreign income. Consistent with this hypothesis, firms that face higher repatriation tax burdens hold higher lev...

Money matters: cash transfers for adaptation

Energy Technology Data Exchange (ETDEWEB)

Wood, Rachel Godfrey

2011-04-15

Developed countries have pledged billions of dollars a year to help poor nations adapt to climate change. But how should the money be spent? For the world's poor, who are both the most vulnerable to climate change and the most in need of social protection, the best answer may be cash transfer programmes. Giving money out in this way has a strong track record in reaching the poor and helping them improve their nutrition, education and incomes — all of which are vital for building their long-term capacity to adapt to climate change. Cash transfers are also well accepted at the local level and, given the right political backing, can be implemented on a broad scale.

A Discounted Cash Flow variant to detect the optimal amount of additional burdens in Public-Private Partnership transactions.

Science.gov (United States)

Copiello, Sergio

2016-01-01

The Discounted Cash Flow method is a long since well-known tool to assess the feasibility of investment projects, as the background which shapes a broad range of techniques, from the Cost-Benefit Analysis up to the Life-Cycle Cost Analysis. Its rationale lies in the comparison of deferred values, only once they have been discounted back to the present. The DCF variant proposed here fits into a specific application field. It is well-suited to the evaluations required in order to structure equitable transactions under the umbrella of Public-Private Partnership. •The discount rate relies upon the concept of expected return on equity, instead than on those of weighted average cost of capital, although the latter is the most common reference within the scope of real estate investment valuation.•Given a feasible project, whose Net Present Value is more than satisfactory, we aim to identify the amount of the additional burdens that could be charged to the project, under the condition of keeping the same economically viable.•The DCF variant essentially deals with an optimization problem, which can be solved by means of simple one-shot equations, derived from financial mathematics, or through iterative calculations if additional constraints must be considered.

Determining consumer preferences for a cash option: Arkansas survey results.

Science.gov (United States)

Simon-Rusinowitz, L; Mahoney, K J; Desmond, S M; Shoop, D M; Squillace, M R; Fay, R A

1997-01-01

As long-term care (LTC) expenditures have risen, policymakers have sought ways to control costs while maintaining consumer satisfaction. Concurrently, there is increasing interest within the aging and disability communities in consumer-directed care. The Cash and Counseling Demonstration and Evaluation (CCDE) seeks to increase consumer direction and control costs by offering a cash allowance and information services to persons with disabilities, enabling them to purchase needed assistance. The authors present results from a telephone survey conducted to assess consumer preferences for a cash option in Arkansas and describe how findings from the four-State CCDE can inform consumer information efforts and policymakers.

Pengaruh Informasi Laba Akuntnasi dan Arus Kas Terhadap Harga Saham Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia

OpenAIRE

Rona, Elvis Christison

2010-01-01

This study analyzed the influence of accounting profit and cash flow statement information to the stock prices of the banking companies that listed in Indonesia stocks exchange since 2006 up to 2008. This study was also intended to know which performances measured have the most significant effect to the stock price. Data that used in this research are financial statements from each company, published through website www.idx.co.id and companies financial data that get from ICMD (Indonesia...

A planning model for the short-term management of cash.

Science.gov (United States)

Broyles, Robert W; Mattachione, Steven; Khaliq, Amir

2011-02-01

This paper develops a model that enables the health administrator to identify the balance that minimizes the projected cost of holding cash. Adopting the principles of mathematical expectation, the model estimates the expected total costs of adopting each of the several strategies concerning the cash balance that the organization might maintain. Expected total costs consist of anticipated short costs, resulting from a potential shortage of funds. Long costs are associated with a potential surplus of funds and an opportunity cost represented by foregone investment income. Of importance to the model is the potential for the health service organization to realize a surplus of funds during periods characterized by a net cash disbursement. The paper also develops an interactive spreadsheet that enables the administrator to perform sensitivity analysis and examine the response of the desired or target cash balance to changes in the parameters that define the expected long and short cost functions.

Uue kunsti muuseumis laulab Johnny Cash

Index Scriptorium Estoniae

2010-01-01

Pärnu uue kunsti muuseumis linastub portreefilm ameerika kantri- ja folklauljast Johnny Cashist "Johnny Cash Folsomi vanglas", mis kirjeldab 1968. a. Folsomi vanglas karistust kandnud laulja albumi "Folsom Prison Blues" lindistamist

Trial Readiness in Cavernous Angiomas With Symptomatic Hemorrhage (CASH).

Science.gov (United States)

Polster, Sean P; Cao, Ying; Carroll, Timothy; Flemming, Kelly; Girard, Romuald; Hanley, Daniel; Hobson, Nicholas; Kim, Helen; Koenig, James; Koskimäki, Janne; Lane, Karen; Majersik, Jennifer J; McBee, Nichol; Morrison, Leslie; Shenkar, Robert; Stadnik, Agnieszka; Thompson, Richard E; Zabramski, Joseph; Zeineddine, Hussein A; Awad, Issam A

2018-04-11

Brain cavernous angiomas with symptomatic hemorrhage (CASH) are uncommon but exact a heavy burden of neurological disability from recurrent bleeding, for which there is no proven therapy. Candidate drugs to stabilize the CASH lesion and prevent rebleeding will ultimately require testing of safety and efficacy in multisite clinical trials. Much progress has been made in understanding the epidemiology of CASH, and novel biomarkers have been linked to the biological mechanisms and clinical activity in lesions. Yet, the ability to enroll and risk-stratify CASH subjects has never been assessed prospectively at multiple sites. Biomarkers and other outcomes have not been evaluated for their sensitivity and reliability, nor have they been harmonized across sites. To address knowledge gaps and establish a research network as infrastructure for future clinical trials, through the Trial Readiness grant mechanism, funded by National Institute of Neurological Disorders and Stroke/National Institutes of Health. This project includes an observational cohort study to assess (1) the feasibility of screening, enrollment rates, baseline disease categorization, and follow-up of CASH using common data elements at multiple sites, (2) the reliability of imaging biomarkers including quantitative susceptibility mapping and permeability measures that have been shown to correlate with lesion activity, and (3) the rates of recurrent hemorrhage and change in functional status and biomarker measurements during prospective follow-up. We propose a harmonized multisite assessment of enrollment rates of CASH, baseline features relevant to stratification in clinical trials, and follow-up assessments of functional outcomes in relation to clinical bleeds. We introduce novel biomarkers of vascular leak and hemorrhage, with firm mechanistic foundations, which have been linked to clinical disease activity. We shall test their reliability and validity at multiple sites, and assess their changes over time

The Association between Accounting Conservatism and Cash Dividends: Evidence from Emerging Markets

OpenAIRE

Gehan A. Mousa

2014-01-01

This research examines the association between accounting conservatism and cash dividends of listed firms in the Kingdom of Bahrain. It has addressed two questions. First, does accounting conservatism actually work? Second, can accounting conservatism influence cash dividends of firms in the Kingdom of Bahrain? The findings of this study support the hypothesis that accounting conservatism plays an important role in reducing cash dividends and managing agency conflicts. It documents a signific...

20 CFR 668.860 - What cash management procedures apply to INA grant funds?

Science.gov (United States)

2010-04-01

... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false What cash management procedures apply to INA... Administrative Requirements § 668.860 What cash management procedures apply to INA grant funds? INA grantees must... implement the Cash Management Improvement Act, found at 31 CFR part 205, apply by law to most recipients of...

45 CFR 400.50 - Opportunity to apply for cash assistance.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 2 2010-10-01 2010-10-01 false Opportunity to apply for cash assistance. 400.50 Section 400.50 Public Welfare Regulations Relating to Public Welfare OFFICE OF REFUGEE RESETTLEMENT, ADMINISTRATION FOR CHILDREN AND FAMILIES, DEPARTMENT OF HEALTH AND HUMAN SERVICES REFUGEE RESETTLEMENT PROGRAM Refugee Cash Assistance § 400.50...

Comparative characteristics of electronic, cash and cashless money

Directory of Open Access Journals (Sweden)

Ксенія Романівна Петрофанова

2017-12-01

The study of the peculiarities of electronic money is accompanied by the discovery of a large number of theoretical and practical problems and separate discussion issues of important application significance. As the number of e-money users increases with the development of e-commerce, protecting their interests requires proper civil and financial regulation. Comparing electronic money with cash and non-cash money, we found that they, by combining the benefits of the other two forms of money, actually became the third specific monetary form

1999 BUSINESS ANALYSIS SUMMARY FOR CASH GRAIN FARMS

OpenAIRE

Nott, Sherrill B.

2000-01-01

The sources of the 51 cash grain farms analyzed in this report were Telfarm/MicroTel at Michigan State University, plus the AgriSolutions offices in East Lansing, Adrian, Mt. Pleasant, and Alpena. Farm types were assigned using the 1992 Census of Agriculture's Standard Industrial Classification (SIC) definitions. Basically, any farm with 50 percent or more of value of farm sales from one item becomes a farm of that type. Cash grain farms have 50 percent or more of value of combined sales from...

20 CFR 404.1586 - Why and when we will stop your cash benefits.

Science.gov (United States)

2010-04-01

... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Why and when we will stop your cash benefits... and when we will stop your cash benefits. (a) When you are not entitled to benefits. If you become entitled to disability cash benefits as a statutorily blind person, we will find that you are no longer...

Pengaruh krisis keuangan global dan karakteristik perusahaan terhadap cash holding perusahaan di Indonesia

Directory of Open Access Journals (Sweden)

Bambang Sutrisno

2016-12-01

Full Text Available The aim of this study is to examine the effect of the global financial crisis and firm characteristics on corporate cash holdings in Indonesia. A total of 101 manufacturing firms listed in the Indonesia Stock Exchange from 2005 to 2014 are examined. This study employs panel regression with fixed effect model. The results show that Indonesia firms hold more cash during the global financial crisis than in the normal times. Investment opportunities set and divident payment have positive effect on cash holding, meanwhile firm size, capital expenditure, liquid assets substitutes, and leverage have negative effect on cash holding. 

Progress on a Taylor weak statement finite element algorithm for high-speed aerodynamic flows

Science.gov (United States)

Baker, A. J.; Freels, J. D.

1989-01-01

A new finite element numerical Computational Fluid Dynamics (CFD) algorithm has matured to the point of efficiently solving two-dimensional high speed real-gas compressible flow problems in generalized coordinates on modern vector computer systems. The algorithm employs a Taylor Weak Statement classical Galerkin formulation, a variably implicit Newton iteration, and a tensor matrix product factorization of the linear algebra Jacobian under a generalized coordinate transformation. Allowing for a general two-dimensional conservation law system, the algorithm has been exercised on the Euler and laminar forms of the Navier-Stokes equations. Real-gas fluid properties are admitted, and numerical results verify solution accuracy, efficiency, and stability over a range of test problem parameters.

31 CFR 206.10 - Operation of and payments from the Cash Management Improvements Fund.

Science.gov (United States)

2010-07-01

... SERVICE MANAGEMENT OF FEDERAL AGENCY RECEIPTS, DISBURSEMENTS, AND OPERATION OF THE CASH MANAGEMENT IMPROVEMENTS FUND § 206.10 Operation of and payments from the Cash Management Improvements Fund. (a) The Cash... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Operation of and payments from the...

Raising Cash under Duress and the Role of Cash Value Life Insurance: An Educational Example

Science.gov (United States)

Russell, David T.; Chong, James T.; Phillips, G. Michael

2018-01-01

Consumers face hard choices when they need cash quickly. Hard choices can lead to emotional or economically unsound decisions. Traditional classroom discussions of raising funds to pay for expenses usually focus on generating income, borrowing, or the sale of real and financial assets, if hardship is discussed at all. However, many families have…

Towards the establishment of cash waqf microfinance fund for refugees

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Omar Ahmad Kachkar

2017-07-01

Full Text Available Purpose - This paper aims to propose cash waqf (endowment to develop a conceptual model that can be utilised to extend microfinance for refugees. Design/methodology/approach - Qualitative method is used in this research. An extensive review of the literature has been conducted. Latest literature on refugees, microfinance has been critically examined beside the current cash waqf models. Findings - Empirical studies have shown that many refugees are equipped with marketable skills and talents that can be utilised to improve their socio-economic situations. The proposed model – cash waqf refugee microfinance fund (CWRMF – is structured to extend microfinance to potential refugee micro entrepreneurs. To address the lack of collateral, which is a requirement to gain any microfinance, CWRMF has been incorporated with a takaful unit (cooperation by which refugees may guarantee each other. Additionally, the model has also been structured to address the challenge of sustainability of the institution that would provide microfinance. Hence, a reserve fund has also been integrated into the model. Practical implications - CWRMF represents a potential model to be implemented by humanitarian non-governmental organisations (NGOs and aid agencies to support livelihood of refugees in particular for Muslim refugees. Positive outcome is expected from the implementation of this model. This is because of the various advantages of microfinance programs not only on refugees but also on concerned NGOs, host populations and donor parties. Additionally, this paper is a set of primarily thoughts aims to open the door wider for more researchers to explore the potential of cash waqf as one of the instruments to finance refugee microenterprises and business activities. Originality/value - Recently cash waqf has been into several models for socio-economic development and poverty alleviation. This paper is proposing cash waqf as a source for a microfinance fund that can

Directors' report and accounts for the year ended 31 March 1993

International Nuclear Information System (INIS)