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عنوان فارسی مقاله:
آیا پول نقدی پادشاه است؟ عملکرد بازار و پول نقدی در طی رکود اقتصادی
عنوان انگلیسی مقاله:
Is cash king? Market performance and cash during a recession
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
4. Results
We use two-stage least squares instrumental variable regression analysis. Because the recession began during the year 2007, we exclude this year from the analysis to ensure a clear break between pre- and during-recession time periods. Because the Breusch–Pagan/Cook– Weisberg test reveals that heteroskedasticity is a concern in our data (χ2 = 84,120.50, Prob N χ2 = 0.00), we use robust standard errors. In the first stage, we use the instrument and all controls and predictors except for those with cash interaction terms to generate predicted values for cash. We label this predicted variable as “cash hat.” The results using the instrumented cash variable on Tobin's Q are presented in Table 3. Examining the effects of the control variables, debt ratio is positively related to Tobin's Q. Capital intensity and firm size have a negative and significant relationship with Tobin's Q. Finally, as expected, Altman's Z has a significant positive relationship, indicating that firms further from financial distress have higher Tobin's Q values. In the second stage results, cash hat has a positive overall effect on Tobin's Q (β = 3.928, p b 0.01). Supporting Hypothesis 1, the sign of the squared term of cash hat is negative and significant (β = −4.538, p b 0.05). In Model 3, recession is negatively related to Tobin's Q (β = −0.168, p b 0.05) and the Cash Hat × Recession term (β = −0.609, p b 0.05) is also significant. The relationship between the squared term of Cash Hat × Recession is negatively related to performance (β = −5.647, p b 0.05) is also supported.
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کلمات کلیدی:
How to Make Lots of Money During a Recession - Steve Pavlina https://www.stevepavlina.com/blog/.../how-to-make-lots-of-money-during-a-recession... Dec 9, 2008 - First, the media goes nuts during a recession. .... path about 9 years ago, and I've maintained a nice positive cash flow every year since then. Tips For Recession-Proofing Your Portfolio - Investopedia www.investopedia.com/articles/08/recession.asp While it would be Utopian to have the economy grow at a stable rate, economic recessions are ... The real key to investing before, during and after a recession is to keep an eye on the big ... For example, companies with strong balance sheets, including those with little debt and strong cash flows, tend to do much better than ... 3 Ways to Make Money During a Recession - wikiHow www.wikihow.com › ... › Finance and Business › Managing Your Money › Recession Rating: 75% - 4 votes Jun 15, 2016 - If you're looking for ways to make money during a recession you could. ... If you have cash, there are smart investments that can help you make ... 10 ways to cash in during the recession - Telegraph www.telegraph.co.uk › Finance › Property Jul 7, 2009 - 10 ways to cash in during the recession. There's still profit to be made from property, says Graham Norwood. making money from property. Searches related to cash during a recession where to put money before a recession real estate investing during recession smart investing during recession make money recession what are good investments during a recession mutual funds during recession bonds during recession businesses that thrive in a recession
