Crisis Caused Changes in Intrinsic Liquidity Value in Non-Profit Institutions
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.
Volume (Year): 7, Issue 2 (2012)
Issue (Month): ()
|Contact details of provider:|| Web page: http://www.wydawnictwoumk.pl|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert Parrino & Allen M. Poteshman & Michael S. Weisbach, 2005.
"Measuring Investment Distortions when Risk-Averse Managers Decide Whether to Undertake Risky Projects,"
Financial Management Association, vol. 34(1), Spring.
- Robert Parrino & Allen M. Poteshman & Michael S. Weisbach, 2002. "Measuring Investment Distortions when Risk-Averse Managers Decide Whether to Undertake Risky Projects," NBER Working Papers 8763, National Bureau of Economic Research, Inc.
- J. E. Stiglitz, 1999. "Introduction," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 28(3), pages 249-254, November.
- Opler, Tim & Pinkowitz, Lee & Stulz, Rene & Williamson, Rohan, 1999.
"The determinants and implications of corporate cash holdings,"
Journal of Financial Economics,
Elsevier, vol. 52(1), pages 3-46, April.
- Tim Opler & Lee Pinkowitz & Rene Stulz & Rohan Williamson, 1997. "The Determinants and Implications of Corporate Cash Holdings," NBER Working Papers 6234, National Bureau of Economic Research, Inc.
- Stewart C. Myers & Raghuram G. Rajan, 1998.
"The Paradox of Liquidity,"
CRSP working papers
339, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Fernandez, Pablo & Aguirreamalloa, Javier & Corres, Luis, 2011. "Market risk premium used in 56 countries in 2011: A survey with 6,014 answers," IESE Research Papers D/920, IESE Business School.
- Fernandez, Pablo & del Campo, Javier, 2011. "Market risk premium used in 2010 by professors: A survey with 1,500 answers," IESE Research Papers D/911, IESE Business School.
- Kim, Chang-Soo & Mauer, David C. & Sherman, Ann E., 1998. "The Determinants of Corporate Liquidity: Theory and Evidence," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 33(03), pages 335-359, September.
- Fernandez, Pablo, 2009. "Market risk premium used in 2008 by Professors: A survey with 1,400 answers," IESE Research Papers D/796, IESE Business School.
- Beck, Stacie & Stockman, David R., 2005. "Money as real options in a cash-in-advance economy," Economics Letters, Elsevier, vol. 87(3), pages 337-345, June.
- Kim, Yong H & Atkins, Joseph C, 1978. "Evaluating Investments in Accounts Receivable: A Wealth Maximizing Framework," Journal of Finance, American Finance Association, vol. 33(2), pages 403-12, May.
- Bougheas, Spiros & Mateut, Simona & Mizen, Paul, 2009.
"Corporate trade credit and inventories: New evidence of a trade-off from accounts payable and receivable,"
Journal of Banking & Finance,
Elsevier, vol. 33(2), pages 300-307, February.
- Simona Mateut & Spiros Bougheas & Paul Mizen, . "Corporate trade credit and inventories: New evidence of a tradeoff from accounts payable and receivable," Discussion Papers 08/09, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
- Bengt Holmström, 2001. "LAPM: A Liquidity-Based Asset Pricing Model," Journal of Finance, American Finance Association, vol. 56(5), pages 1837-1867, October.
- F. W. Mueller & Jr., 1953. "Corporate Working Capital and Liquidity," The Journal of Business, University of Chicago Press, vol. 26, pages 157.
- Grzegorz Michalski, 2011. "Operating Cycle And Nonprofit Organizations Efficiency," Journal of Academic Research in Economics, Spiru Haret University, Faculty of Accounting and Financial Management Constanta, vol. 3(3 (Novemb), pages 584-598.
When requesting a correction, please mention this item's handle: RePEc:cpn:umkequ:2012:v2:8. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Miroslawa Buczynska)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.