Working Capital Management and Shareholders’ Wealth

@inproceedings{Kieschnick2013WorkingCM,
  title={Working Capital Management and Shareholders’ Wealth},
  author={Robert L. Kieschnick and Mark Laplante and Rabih Moussawi},
  year={2013}
}
We provide the first empirical study of the relationship between corporate working capital management and shareholders' wealth. Examining US corporations from 1990 through 2006, we find evidence that: the incremental dollar invested in net operating working capital is worth less than the incremental dollar held in cash for the average firm; the valuation of the incremental dollar invested in net operating working capital is significantly influenced by a firm's future sales expectations, its… CONTINUE READING

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