Essays about: "Kornelius Pfaff"

Found 1 essay containing the words Kornelius Pfaff.

  1. 1. Can manager conservatism explain corporate cash holdings? Evidence from the Eurozone

    University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

    Author : Moritz Zimmermann; Kornelius Pfaff; [2013]
    Keywords : Cash holdings; Precautionary savings motive; Behavioural finance; Manager fixed effects; Executive compensation;

    Abstract : Differences in cash holdings across firms have traditionally been explained by precautionary savings motives. However, in line with a recent U.S. study, we identify a group of European industrial companies with a particularly high ratio of cash to assets, which cannot be explained by precautionary savings, agency or tax motives. READ MORE