This study examines the relationship between profitability measures and management of
ongoing liquidity needs for a large cross-section of firms over a twenty-year period. Long-run …

This paper uses product line date from the Federal Trade Commission's Line of Business
Survey and financial valuation concepts to investigate the contributions of diversification, …

This paper replicates and extends prior work appearing in this journal on the relationship
between liquidity and accrual income versus cash flow. The measure of corporate liquidity is …

Prior studies in this journal tested relationships between measures of cash flow, accrual
income, and both static and dynamic liquidity. The analysis is extended in this paper to test for …

Dividend policy relevance has been researched extensively, but little consensus can be
built from the findings. Researchers have examined the influence of short-run dividend …

One of the most widely researched topics in finance is the relationship between dividend
policy and the value of the firm. Much of the controversy revolves around measurement of …

… Since market structure has been shown to affect the risk of cash flows (see, for example,
Marti Subrahmanyam and Starvos Thomadakis (1980) and Manuel L. Jose and Jerry L. Stevens …

Fabozzi and Francis present strong evidence in a widely referenced paper that alpha and
beta measures do not change over bull and bear markets. Test procedures used by Fabozzi …

Much has been written about characteristics of excellent firms, but little attention has been
given to the possibility that excellence, once attained, is the result of a random process. This …

… Dolan is a professor of economics (e-mail: rdolan@richmond.edu), and Jerry L. Stevens is
a professor of finance in the EC Robins School of Business at the University of Richmond. The …