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Cash flow management, incentives and...

Zhang, Ran.

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Cash flow management, incentives and market pricing.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Cash flow management, incentives and market pricing./
Author:	Zhang, Ran.
Description:	69 p.
Notes:	Source: Dissertation Abstracts International, Volume: 67-07, Section: A, page: 2637.
Contained By:	Dissertation Abstracts International67-07A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3227363
ISBN:	9780542787430

Cash flow management, incentives and market pricing.
Zhang, Ran.

Cash flow management, incentives and market pricing. - 69 p.

Source: Dissertation Abstracts International, Volume: 67-07, Section: A, page: 2637.

Thesis (Ph.D.)--University of Colorado at Boulder, 2006.

This thesis examines management of operating cash flows, its causes, and how the market reacts to such management. I find that managers take actions to report positive operating cash flows, to avoid missing analysts' cash flow forecasts, and to generate enough operating cash flows to meet the cash-dividend target.

ISBN: 9780542787430Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Cash flow management, incentives and market pricing.
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008 130610s2006 eng d
020 $a 9780542787430
035 $a (UnM)AAI3227363
035 $a AAI3227363
040 $a UnM $c UnM
100 1 $a Zhang, Ran. $3 1920185
245 1 0 $a Cash flow management, incentives and market pricing.
300 $a 69 p.
500 $a Source: Dissertation Abstracts International, Volume: 67-07, Section: A, page: 2637.
500 $a Adviser: John Jacob.
502 $a Thesis (Ph.D.)--University of Colorado at Boulder, 2006.
520 $a This thesis examines management of operating cash flows, its causes, and how the market reacts to such management. I find that managers take actions to report positive operating cash flows, to avoid missing analysts' cash flow forecasts, and to generate enough operating cash flows to meet the cash-dividend target.
520 $a My results indicate that certain firm characteristics are associated with the magnitude of cash flow management. Firms with (1) low accrual management, (2) large magnitude of total accruals, (3) high capital intensity, (4) no financial distress, and (5) small positive cash flow surprises are more likely to engage in cash flow management.
520 $a This paper also investigates the persistence and market pricing of abnormal cash flows. The persistence of cash flows and earnings decreases with the increasing magnitude of abnormal cash flows. The Mishkin (1983) test results show that the market rationally anticipates the lower persistence of abnormal cash flows compared to normal cash flows and it underprices both components of cash flows.
590 $a School code: 0051.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 0 $a University of Colorado at Boulder. $3 1019435
773 0 $t Dissertation Abstracts International $g 67-07A.
790 1 0 $a Jacob, John, $e advisor
790 $a 0051
791 $a Ph.D.
792 $a 2006
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3227363