THE INFLUENCES OF THE DEVIATION FROM THE EXPECTED OPTIMAL CASH ON FUTURE STOCK RETURNS

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MESHKI MIAVAGHI MEHDI; MAMIZADEH FARZAD

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Journal: FINANCIAL RESEARCH Year:2016 | Volume:17 | Issue:2 Page(s): 377-392

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Title

THE INFLUENCES OF THE DEVIATION FROM THE EXPECTED OPTIMAL CASH ON FUTURE STOCK RETURNS

Author(s)

MESHKI MIAVAGHI MEHDI | MAMIZADEH FARZAD | Issue Writer Certificate

Keywords

DEVIATIONS FROM EXPECTED OPTIMAL CASHQ2

OPTIMAL CASHQ2

STOCK RETURNS EXPECTEDQ2

Abstract

According to the trade-off theory, firm managers consider the transaction and precautionary motives to determine the optimal level of cash by comparing the benefits and costs of cash holdings. The purpose of this paper is to examine the impact of deviation from expected OPTIMAL CASH on future stock returns among Irans’s listed companies (Tehran Stock Exchange). The analyses are performed by using data pertaining to 119 firms for the period 1388-1392. The results show that any deviation from the estimated OPTIMAL CASH holdings is significantly detrimental to future stock return, suggesting that excess or insufficient cash is harmful to stock returns. The adverse influence of deviations above the optimal value is insignificantly stronger than that of deviations below the optimal value.

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APA: Copy

MESHKI MIAVAGHI, MEHDI, & MAMIZADEH, FARZAD. (2016). THE INFLUENCES OF THE DEVIATION FROM THE EXPECTED OPTIMAL CASH ON FUTURE STOCK RETURNS. FINANCIAL RESEARCH, 17(2 ), 377-392. SID. https://sid.ir/paper/91165/en

Vancouver: Copy

MESHKI MIAVAGHI MEHDI, MAMIZADEH FARZAD. THE INFLUENCES OF THE DEVIATION FROM THE EXPECTED OPTIMAL CASH ON FUTURE STOCK RETURNS. FINANCIAL RESEARCH[Internet]. 2016;17(2 ):377-392. Available from: https://sid.ir/paper/91165/en

IEEE: Copy

MEHDI MESHKI MIAVAGHI, and FARZAD MAMIZADEH, “THE INFLUENCES OF THE DEVIATION FROM THE EXPECTED OPTIMAL CASH ON FUTURE STOCK RETURNS,” FINANCIAL RESEARCH, vol. 17, no. 2 , pp. 377–392, 2016, [Online]. Available: https://sid.ir/paper/91165/en

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