An analysis of working capital efficiency and shareholder return View Full Text


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Article Info

DATE

2017-01

AUTHORS

Greg Filbeck, Xin Zhao, Ryan Knoll

ABSTRACT

Since 1997, CFO Magazine has published a ranking of 1000 companies in its “Working Capital Scorecard.” Our research explores the question as to whether working capital management practices based on the accounting metrics used by CFO Magazine serve as a basis for investor-based strategies for superior return generation. We examine the stock performance of top ranked companies from 1997 to 2012 against benchmark portfolios. Controlling for market, market capitalization, book to market, momentum factors, liquidity factors, and corporate governance; the higher ranked firms produce statistically higher excess returns than bottom ranked firms. In bull market periods, firms with superior working capital management outperformed their counterparts on a raw and risk-adjusted basis. These top ranked firms also provide statistically significant active returns regardless of market cycle. In sum, our results indicate that shareholders reward firms with superior working capital management strategies with higher raw and risk-adjusted performance over longer holding periods across the economic cycle especially in bear markets cycles. More... »

PAGES

265-288

References to SciGraph publications

  • 2012-08. Capital investment and momentum strategies in REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
  • 2006-01. Momentum profits following bull and bear markets in JOURNAL OF ASSET MANAGEMENT
  • 2007-11. Do analysts overreact to extreme good news in earnings? in REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
  • 2012-01. Portfolio performance and accounting measures of earnings: an alternative look at usefulness in REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
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    http://scigraph.springernature.com/pub.10.1007/s11156-015-0550-0

    DOI

    http://dx.doi.org/10.1007/s11156-015-0550-0

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    https://app.dimensions.ai/details/publication/pub.1039897763


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    JSON-LD is a popular format for linked data which is fully compatible with JSON.

    curl -H 'Accept: application/ld+json' 'https://scigraph.springernature.com/pub.10.1007/s11156-015-0550-0'

    N-Triples is a line-based linked data format ideal for batch operations.

    curl -H 'Accept: application/n-triples' 'https://scigraph.springernature.com/pub.10.1007/s11156-015-0550-0'

    Turtle is a human-readable linked data format.

    curl -H 'Accept: text/turtle' 'https://scigraph.springernature.com/pub.10.1007/s11156-015-0550-0'

    RDF/XML is a standard XML format for linked data.

    curl -H 'Accept: application/rdf+xml' 'https://scigraph.springernature.com/pub.10.1007/s11156-015-0550-0'


     

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    274 rdf:type schema:Organization
     




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