Applied Corporate Risk and Liquidity Management

Erik Lie (Professor of Finance, Professor of Finance, University of Iowa)

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English

Oxford University Press Inc
11 May 2023

Anthropology; Finance & accounting; Financial reporting, financial statements; Corporate governance & responsibilities

Series: FINANCIAL MGMT ASSOC SURVEY SYN SERIES

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.

By: Erik Lie (Professor of Finance Professor of Finance University of Iowa)
Imprint: Oxford University Press Inc
Country of Publication: United States
Dimensions: Height: 163mm, Width: 237mm, Spine: 19mm
Weight: 414g
ISBN: 9780197664995
ISBN 10: 0197664997
Series: FINANCIAL MGMT ASSOC SURVEY SYN SERIES
Pages: 208
Publication Date: 11 May 2023
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Chapter 1: Introduction Chapter 2: Optimal Cash Holdings Chapter 3: Predicting and Simulating Liquidity Chapter 4: Risk Management Theory Chapter 5: Identifying and Measuring Risk Exposure Chapter 6: Managing Idiosyncratic Risk Chapter 7: Hedging with Forward and Futures Contracts Chapter 8: Hedging with Options Chapter 9: Hedging-Simulations Chapter 10: Payout Policy Chapter 11: Debt Payouts and Capital Structure Chapter 12: Wrapping up References Index

Erik Lie is the Amelia Tippie Chair in Finance in the Tippie College of Business at the University of Iowa. Previously, he worked as a faculty member at the College of William & Mary from 1996 to 2004. He has published widely in top academic journals and has been recognized by Time Magazine as one the 100 most influential people in the world.

Reviews for Applied Corporate Risk and Liquidity Management

Professor Lie has written an extremely accessible book that carefully lays out why it is important for companies to manage their cash balances and how they can do so using the tools of risk management and corporate financial policies. Both students and financial management professionals will find this to be a valuable reference. * David J. Denis, Roger Ahlbrandt Sr. Chair of Finance, University of Pittsburgh * Applied Corporate Risk and Liquidity Management is about managing cash or, more broadly, managing liquidity. Erik Lie provides original presentations and integration of ideas that have appeared in the recent literature about techniques for managing liquidity and risk. The book will be engaging to anyone at a corporate level who has responsibility for day-to-day management of cash holdings or cash and other liquid assets. * John McConnell, Burton D. Morgan Distinguished Chair of Private Enterprise, Krannert School of Management, Purdue University * Risk management is a challenging subject because it is broad, employing tools and insights from corporate finance, derivatives, insurance, and statistics. In this useful book, Erik Lie skillfully provides the necessary background to cover the important topics. * Robert McDonald, Gaylord Freeman Distinguished Chair in Banking, Kellogg School of Management, Northwestern University *