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Crisis Caused Changes in Intrinsic Liquidity Value in Non-Profit Institutions

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  • Grzegorz Michalski

    ()
    (Wroclaw University of Economics, Poland)

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    Abstract

    Liquid assets which non-profit institutions hold are not a source of any special interests and although the close to cash assets together with credit lines available for non-profit institution are connected with resigning from realizing a part of income or costs, non-profit institutions decide to hold some liquidity reserves. This results not only from transactional needs, but also from precautional and speculative reasons. Investment in liquid reserves resulting from speculative demand for money may be assessed by usage of capital budgeting methods. In the paper, each of these aspects of liquidity was taken into consideration and presented from non-profit perspective. Non-profit liquidity value determination may often significantly contribute to the solution of working capital management problems in these institutions.

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    File URL: http://www.equilibrium.umk.pl/plikidopobrania/2012_2_8_michalski.pdf
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    Bibliographic Info

    Article provided by Uniwersytet Mikolaja Kopernika in its journal Equilibrium. Quarterly Journal of Economics and Economic Policy.

    Volume (Year): 7, Issue 2 (2012)
    Issue (Month): ()
    Pages: 139-158

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    Handle: RePEc:cpn:umkequ:2012:v2:8

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    Web page: http://www.wydawnictwoumk.pl

    Related research

    Keywords: Intrinsic liquidity value; Non-profit financial management; financial liquidity;

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    8. Stewart C. Myers & Raghuram G. Rajan, 1995. "The Paradox of Liquidity," NBER Working Papers 5143, National Bureau of Economic Research, Inc.
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