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Cash holdings play a critical role for all corporations. They serve
as a source of funding for investment projects that create value
for shareholders and as a cushion against costly financial
distress. On the other hand, excess cash holdings can induce
wasteful spending and attract unwanted attention from labor unions
and activist investors. In Applied Corporate Risk and Liquidity
Management, Erik Lie brings risk management and liquidity
management together to explore how corporations can ensure they
have sufficient-but not excess-cash holdings, both now and in the
future. He begins by covering the determinants of liquidity, the
consequences of suboptimal liquidity, and how to manage liquidity.
Lie then demonstrates two ways to control current and future cash
holdings: the mitigation of risk factors on operating cash flow and
cash holdings and the payouts made to investors. Through this
integrated approach, he explores how risk management and payout
policy can and should be used to maintain the proper cash level.
Using cash simulations throughout, Lie shows how to determine
whether firms should hedge, which hedging mechanism to use, and
which payout mechanism or debt structure is suitable. With
practical tools rooted in liquidity management, this book presents
a strong theoretical foundation for risk management and payout
policy, discusses practical considerations, and demonstrates
applied tools that help managers make good decisions.
This is a reproduction of a book published before 1923. This book
may have occasional imperfections such as missing or blurred pages,
poor pictures, errant marks, etc. that were either part of the
original artifact, or were introduced by the scanning process. We
believe this work is culturally important, and despite the
imperfections, have elected to bring it back into print as part of
our continuing commitment to the preservation of printed works
worldwide. We appreciate your understanding of the imperfections in
the preservation process, and hope you enjoy this valuable book.
This scarce antiquarian book is a selection from Kessinger
Publishing's Legacy Reprint Series. Due to its age, it may contain
imperfections such as marks, notations, marginalia and flawed
pages. Because we believe this work is culturally important, we
have made it available as part of our commitment to protecting,
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