The Impact of Cash Holdings &Financial Flexibility on Abnormal Stock Returns in the Companies Accepted in Tehran Stock Market Supervisor

Authors

1 Master of Science in Fars University of Science and Research

2 Assistant Professor of Marvdasht Azad University

Abstract

Abstract
The present research is to explain the relationship between has been holding cash and financial flexibility on the unusual stock performance. To measure financial assets held of the two models ozkan and ozkan (2004) and the financial flexibility of the model falkndar and voang is used to calculate abnormal returns. The present research of the type of application and the main objective of this study explain the impact of cash assets are maintained and financial flexibility on abnormal stock returns of companies. Therefore, the financial data of 130 accepted companies in Tehran Stock Exchange between 2004 to 2011 we've used. For classification and the analysis of the data we have used Excell and Spss software. The results suggest that Cash assets are maintained have significantly negative and with care on abnormal stock returns. So by increasing the rate of return from holding financial assets is reduced and conversely, the financial flexibility has no effect on abnormal stock returns of companies.

Keywords

Files

History

  • Receive Date: 04 December 2013
  • Revise Date: 13 June 2018
  • Accept Date: 02 August 2014

Share

How to cite

Statistics