Archive for Grudzień 2009

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13 grudnia, 2009
 
 
. Grzegorz Michalski’s Scholarly Papers Click on the title of any column to sort the table by that column.  
 
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1.    

Net Working Capital Management Strategies as Factor Shaping Small Firm Value | Show Abstract Hide Abstract | Download |
Oficyna Wydawnicza Szkoly Glownej Handlowej w Warszawie, 2005
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
19 Jul 07
Last Revised:
19 Jul 07
1,031
(4,771)
   
    Abstract:
Actually determining the intrinsic value of liquidity is one of the unsolved problems in finance. Firms hold liquidity for a variety of different reasons. Generally, liquidity balances held in a firm can be called considered, precautionary, speculative, transactional and intentional. The first are the result of management anxieties. Managers fear the negative part of the risk and hold liquidity to hedge against it. Second, liquidity balances are held to use chances that are created by the positive part of the risk equation. Next, liquidity balances are the result of the operating needs of the firm. Having information about value of liquidity we can better dissolve the problem of liquidity management. The net working capital management leaning on the information about the intrinsic value of liquidity drives to increase of the value of the firm. The theses of article show how firm should manage net working capital to maximise value of the firm.Net working capital. Small Enterprise, Value Based Management, Risk, Uncertainty

2.    

Small and Medium Enterprises Accounts Receivable Management With Value of Liquidity in View | Show Abstract Hide Abstract | Download |
Finansowe Aspekty Funkcjonowania Malych i Srednich Przedsiebiorstw, pp. 357-369, 2003
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
14 Jul 07
Last Revised:
14 Jul 07
624
(10,529)
   
    Abstract:
The basic financial purpose of an small and medium enterprise is maximization of its value. Accounts receivable management should also contribute to realization of this fundamental aim. The key theme of this paper is accounts receivable management with value of liquidity in view. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another aim (i.e., maximization of enterprise value). The small and medium enterprise value maximization strategy is executed with a focus on risk and uncertainty. An increase in the level of accounts receivables in a firm increases both net working capital and the costs of holding and managing accounts receivables. Both of these decrease the value of the firm, but a liberal policy in accounts receivable coupled with the portfolio management approach could increase the value. Efforts to assign ways to manage these risks were also undertaken; among them, special attention was paid to adapting assumptions from value of liquidity theory as well as gauging the potential effect on the firm value.Value of liquidity, Value based management, Liquidity measures, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

3.    

Short-Term Sme Financing | Show Abstract Hide Abstract | Download |
Wydawnictwo Uniwersytetu Marii Curie Sklodowskiej w Lublinie, 2005
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
19 Jul 07
Last Revised:
19 Jul 07
501
(14,449)
   
    Abstract:
Small and Medium Enterprises finance in another way than larger firms. It is because intrinsic value of liquidity which in SME is on relatively higher level than in larger firms.Short-Run Financing, Small and Medium Enterprises, Demand for Cash, intrinsic value of liquidity, Cash balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management

4.    

Net Working Capital Management Strategies as Factor Shaping Firm Value | Show Abstract Hide Abstract | Download |
PROBLEMY ROZOWJU RYNKU FINANSOWEGO W ASPEKCIE WZROSTU GOSPODARCZEGO, pp. 564-570, UMCS Lublin, 2007
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
10 Jan 08
Last Revised:
10 Jan 08
497
(14,614)
   
    Abstract:
Actually determining the intrinsic value of liquidity is one of the unsolved problems in finance. Firms hold liquidity for a variety of different reasons. Generally, liquidity balances held in a firm can be called considered, precautionary, speculative, transactional and intentional. The first are the result of management anxieties. Managers fear the negative part of the risk and hold liquidity to hedge against it. Second, liquidity balances are held to use chances that are created by the positive part of the risk equation. Next, liquidity balances are the result of the operating needs of the firm. Having information about value of liquidity we can better dissolve the problem of liquidity management. The net working capital management leaning on the information about the intrinsic value of liquidity drives to increase of the value of the firm. The theses of article show how firm should manage net working capital to maximise value of the firm.net working capital management, value based management

5.    

Operational Risk of the Purchasers – Portfolio Management Approach in Accounts Receivable Management | Show Abstract Hide Abstract | Download |
EUROPEAN FINANCIAL SYSTEMS, J. Krajicek, ed., Masaryk University, Faculty of Economics and Administration, Department of Finance, pp. 255-263, Brno 2007
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
28 Jun 07
Last Revised:
24 Jul 07
457
(16,387)
   
    Abstract:
The basic financial purpose of an enterprise is maximization of its value. Trade credit management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another aim (i.e., maximization of enterprise value). The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences that can result from operating risk that is related to purchasers using payment postponement for goods and/or services. The present article offers a method that uses portfolio management theory to determine the level of accounts receivable in a firm. An increase in the level of accounts receivables in a firm increases both net working capital and the costs of holding and managing accounts receivables. Both of these decrease the value of the firm, but a liberal policy in accounts receivable coupled with the portfolio management approach could increase the value. Efforts to assign ways to manage these risks were also undertaken; among them, special attention was paid to adapting assumptions from portfolio theory as well as gauging the potential effect on the firm value.accounts receivable, trade credit management, incremental analysis, value based management, portfolio analysis

6.    

Financial Management in Micro and Small Enterprises and Globalisation Risk Analysis | Show Abstract Hide Abstract | Download |
DYLEMATY TEORII I PRAKTYKI ZARZADZANIA: FINANSOWO -SPOLECZNE PROBLEMY ZARZADZANIA W MIKRO – I MAKROSKALI, M. Duczmal, T. Pokusa, ed., pp. 46-64, 2006
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
16 Aug 07
Last Revised:
16 Aug 07
447
(16,849)
   
    Abstract:
Maximization of wealth of his owners is the basic financial aim in management of micro or small enterprise. Financial management which control globalisation risk contributes to realization this aim. Article presents accessible for micro and small enterprises methods which control risk in financial management decision making by micro and small firms.Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Money, Long-Term Financial Management

7.    

Value-Based Inventory Management – EOQ modification | Show Abstract Hide Abstract | Download |
Wydawnictwo Uniwersytetu Szczecinskiego, 2004
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
19 Jul 07
Last Revised:
26 Jul 07
445
(16,940)
   
    Abstract:
Maximization of wealth of its owners is the basic financial aim in management of enterprise. Inventory management must contribute to realization of this aim. The paper presents value-based inventory management model (EOQ) modification.Inventory Management, Value based management, Liquidity measures, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

8.    

Value-Based Cash Management Models Application in Firm | Show Abstract Hide Abstract | Download |
Wydawnictwo Uniwersytetu Marii Curie Sklodowskiej w Lublinie, 2004
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
19 Jul 07
Last Revised:
19 Jul 07
388
(20,250)
   
    Abstract:
Firms hold cash for a variety of different reasons. Generally, cash balances held in a firm can be called considered, precautionary, speculative, transactional and intentional. The first are the result of management anxieties. Managers fear the negative part of the risk and hold cash to hedge against it. Second, cash balances are held to use chances that are created by the positive part of the risk equation. Next, cash balances are the result of the operating needs of the firm. In this article, we analyze the relation between these types of cash balances and risk. This article also contains propositions for marking levels of precautionary cash balances and speculative cash balances. Current models for determining cash management, assign no minimal cash level, or their minimal cash level is based on the manager’s intuition. Presented in this article model avoid intuition and is based on calculation. Application of this proposition should help managers to make better decisions to maximize the value of a firm.Cash management models, Demand for cash, Cash balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management

9.    

Value-Based Inventory Management | Show Abstract Hide Abstract | Download |
Financial Management of Firms and Financial Institutions, pp. 163-171, October 2007
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
07 Jan 08
Last Revised:
07 Jan 08
376
(21,097)
   
    Abstract:
The basic financial purpose of a firm is to maximize its value. An inventory management system should also contribute to realization of this basic aim. Many current asset management models currently found in financial management literature were constructed with the assumption of book profit maximization as basic aim. However these models could lack what relates to another aim, i.e., maximization of enterprise value. This article presents a modified value-based inventory management model.Inventory Management, Value based management, Liquidity measures, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

10.    

Liquidity or Profitability: Financial Effectivness of Investments in Working Capital | Show Abstract Hide Abstract | Download |
INTERNATIONAL FINANCIAL SYSTEMS, P. Cervinek, ed., BRNO, 2008
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
11 Nov 08
Last Revised:
03 Jan 09
364
(21,995)
   
    Abstract:
The basic financial purpose of corporation is creation of its value. Liquidity management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another aim (i.e., maximization of enterprise value). The corporate value maximization strategy is executed with a focus on risk and uncertainty. This article presents the discussion about relations between firm’s net working investment policy and firms value.corporate value, investments, current assets, working capital, value based management

11.    

Short-Term Financial Management Based on the Information about the Value of the Liquidity and its Influence on the Value of the Firm | Show Abstract Hide Abstract | Download |
Prace Naukowe Akademii Ekonomicznej we Wroclawiu / Zarzadzanie, pp. 75-84, 2003
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
17 Jul 07
Last Revised:
17 Jul 07
336
(24,249)
   
    Abstract:
Actually determining the value of liquidity is one of the unsolved problems in finance. Firms hold liquidity for a variety of different reasons. Generally, liquidity balances held in a firm can be called considered, precautionary, speculative, transactional and intentional. The first are the result of management anxieties. Managers fear the negative part of the risk and hold liquidity to hedge against it. Second, liquidity balances are held to use chances that are created by the positive part of the risk equation. Next, liquidity balances are the result of the operating needs of the firm. Having information about value of liquidity we can better dissolve the problem of liquidity management. The liquidity management leaning on the information about the value of liquidity drives to increase of the value of the firm.Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

12.    

Value Based Inventory Management in Small Enterprise | Show Abstract Hide Abstract | Download |
Finanse, Bankowo??, Rachunkowo??, Vol. 2, No. 1059, pp. 190-197, 2005
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
19 Aug 07
Last Revised:
19 Aug 07
324
(25,345)
   
    Abstract:
Maximization of wealth of his owners is the basic financial aim in management of small enterprise. Optimal inventory management contributes to realization this aim. Article presents accessible for small enterprise methods for optimization the inventory management.Value of liquidity, Value based management, Liquidity measures, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

13.    

Risk-Based Cash Demand in a Firm | Show Abstract Hide Abstract | Download |
MANAGING AND MODELING OF FINANCIAL RISK, D. Dluhošová [red.], Technická Univerzita Ostrava, s. 179-185, 2006
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
28 Jun 07
Last Revised:
31 May 09
322
(25,542)
   
    Abstract:
Firms hold cash for a variety of different reasons. Generally, cash balances held in a firm can be called considered, precautionary, speculative, transactional and intentional. The first are the result of management anxieties. Managers fear the negative part of the risk and hold cash to hedge against it. Second, cash balances are held to use chances that are created by the positive part of the risk equation. Next, cash balances are the result of the operating needs of the firm. In this article, we analyze the relation between these types of cash balances and risk. This article also contains propositions for marking levels of precautionary cash balances and speculative cash balances. Current models for determining cash management, assign no minimal cash level, or their minimal cash level is based on the manager’s intuition. Presented in this article model avoid intuition and is based on calculation. Application of this proposition should help managers to make better decisions to maximize the value of a firm.Demand for Cash, Cash balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management

14.    

Value Based Economic Order Quantity | Show Abstract Hide Abstract | Download |
STRATEGIE WZROSTU WARTOSCI PRZEDSIEBIORSTWA, P. 523-231, E. Urbańczyk, ed., Wydział Nauk Ekonomicznych i Zarządzania Uniwersytetu Szczecińskiego, Szczecin 2007
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
28 Jun 07
Last Revised:
28 Jun 07
320
(25,720)
   
    Abstract:
Maximization of wealth of his owners is the basic financial aim in management of enterprise. Inventory management must contribute to realization this aim. Article presents value based EOQ model modification.inventory management

15.    

Definition and Meaning Short-Term Financial Liquidity | Show Abstract Hide Abstract | Download |
Prace Naukowe Akademii Ekonomicznej we Wroclawiu, 2004
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
19 Jul 07
Last Revised:
19 Jul 07
278
(30,312)
   
    Abstract:
Maximization of wealth of his owners is the basic financial aim in management of enterprise. Short-term financial liquidity management contributes to realization this aim. Article presents financial liquidity definitions, relations among them and its influence on enterprise’s owner wealth.Value of liquidity, Value based management, Liquidity measures, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

16.    

Portfolio Management Approach in Trade Credit Decision Making | Show Abstract Hide Abstract | Download |
Romanian Journal of Economic Forecasting, Vol. 3, pp. 42-53, 2007
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
07 Jan 08
Last Revised:
07 Jan 08
247
(34,657)
   
    Abstract:
The basic financial purpose of an enterprise is maximization of its value. Trade credit management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another ait (i.e., maximization of enterprise value). The enterprise value maximization strategy is executed with a focus on risk that is related to purchasers using payment postponement for goods and/or services. The present article offers a method that uses portfolio management theory to determine the level of accounts receivable in a firm. An increase in the level of accounts receivables in a firm increases both net working capital and the costs of holding and managing accounts receivables. Both of these decrease the value of the firm, but a liberal policy in accounts receivable coupled with the portfolio management approach could increase the value. Efforts to assign ways to manage these risks were also undertaken; among them, special attention was paid to adapting assumptions from portfolio theory as well as gauging the potential effect on the firm value.accounts receivable, trade credit management, incremental analysis, value based management, portfolio analysis

17.    

Methods Indirectly Controls Risk During Financial Management in Small Enterprise | Show Abstract Hide Abstract | Download |
Prace Naukowe Akademii Ekonomicznej we Wroclawiu No. 1021, pp. 335-350, 2004
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
14 Jul 07
Last Revised:
31 May 09
235
(36,502)
   
    Abstract:
Maximization of wealth of his owners is the basic financial aim in management of small enterprise. Financial management which control risk contributes to realization of this aim. Article presents accessible for small enterprise methods which indirect control risk in financial management decision making by small firm owner.Small Enterprise, Value Based Management, Risk, Uncertainty

18.    

The Dynamic Measures of Financial Liquidity | Show Abstract Hide Abstract | Download |
Prace Naukowe Akademii Ekonomicznej we Wroclawiu / Ekonometria, p. 185-199, 2003
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
17 Jul 07
Last Revised:
17 Jul 07
223
(38,633)
   
    Abstract:
Firms hold liquidity for a variety of different reasons. Generally, liquidity balances held in a firm can be called considered, precautionary, speculative, transactional and intentional. The first are the result of management anxieties. Managers fear the negative part of the risk and hold liquidity to hedge against it. Second, liquidity balances are held to use chances that are created by the positive part of the risk equation. Next, liquidity balances are the result of the operating needs of the firm. The correct liquidity management is addicted to this, whether the management of the firm knows how much it has. An object of the article they are dynamical measures of financial liquidity.Liquidity measures, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

19.    

Value Based Accounts Receivable Monitoring Techniques | Show Abstract Hide Abstract | Download |
Prace Naukowe AE / Finanse, Bankowosc, Rachunkowosc, Vol. 3, pp. 33-42, Wydawnictwo AE, Wroclaw 2005
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
17 Aug 07
Last Revised:
17 Aug 07
211
(40,875)
   
    Abstract:
The maximization of wealth of its owners is the basic financial aim in the management of the enterprise. Accounts receivable management contributes to the realization of this aim. The article presents the methods of monitoring accounts receivable accessible for enterprises.accounts receivable, trade credit management, monitoring techniques, value based management

20.    

Value Based Trade Credit Decision Making | Show Abstract Hide Abstract | Download |
Problems of Company Value Management, pp. 173-180, 2007
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
07 Jan 08
Last Revised:
25 Feb 08
194
(44,499)
   
    Abstract:
The basic financial aim of an enterprise is maximization of its value. At the same time, both theoretical and practical meaning is researched for determinants that increase the enterprise value. Financial literature contains information about numerous factors that influence enterprise value. Among those contributing factors is the extent of the net working capital and the elements shaping it, such as the level of cash tied up in accounts receivable, inventories, the early settlement of accounts payable, and operational cash balances. The greater part of classic financial models and proposals relating to optimum current assets management was constructed with net profit maximization in mind. This is the reason why these models need reconstruction in order to make them suitable to firms that want to maximize their value. The decision if extent the trade credit terms, is a compromise between limiting the risk of allowing for the payment postponement from unreliable purchasers and gaining new customers by way of a more liberal enterprise trade credit policy. This decision shapes the level and quality of accounts receivable. The question discussed in this article concerns the possibility of using value based approach in making decisions about selecting which customers should be given trade credit.accounts receivable, trade credit management, incremental analysis, value based management

21.    

The Optimal Level of the Financial Liquidity – The Proposal of Marking | Show Abstract Hide Abstract | Download |
Prace Naukowe Akademii Ekonomicznej we Wroclawiu, No. 970, pp. 30-39, 2003
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
14 Jul 07
Last Revised:
14 Jul 07
187
(46,243)
   
    Abstract:
Actually determining the value of liquidity is one of the unsolved problems in finance. Having information about value of liquidity we can better tackle the problems of working capital management and financial liquidity management can be resolved.Value of liquidity, Value based management, Liquidity measures, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

22.    

The Optimum Level of the Financial Liquidity in the Small and Middle Enterprises | Show Abstract Hide Abstract | Download |
Wydawnictwo Uniwersytetu Szczecinskiego, 2005
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
19 Jul 07
Last Revised:
19 Jul 07
177
(48,870)
   
    Abstract:
Actually determining the value of liquidity is one of the unsolved problems in finance. Having information about value of liquidity in small and middle enterprises we can better tackle the problems of financial liquidity management can be rosolved thanks information about optimal level of liquidity in SME resulting from balancing intrinsic value of liquidity with external value of liquidity.Value of liquidity, Value based management, Liquidity measures, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

23.    

Operational Risk of the Buyers – Portfolio Management Approach in Accounts Receivables Management | Show Abstract Hide Abstract | Download |
Zarzadzanie finansami firm – teoria i praktyka, PNAE No. 1159, pp. 260-273, B. Bernas, W. Pluta, Wroclaw, 2007
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
23 Aug 07
Last Revised:
23 Aug 07
175
(49,433)
   
    Abstract:
Wealth maximization is the basic financial aim in management of an enterprise. Accounts receivables management must contribute to the realization of this aim. The article presents the method of determination accounts receivables in a firm based on portfolio management theory. Level of accounts receivables in a firm increases net working capital and costs of holding and managing accounts receivables. Both of them decrease value of the firm but liberal policy in accounts receivables with portfolio management approach could increase it.Demand for Cash, Cash balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management

24.    

Value Based Inventory Management Perspective of Delivery Risk | Show Abstract Hide Abstract | Download |
Ekonometria, Wydawnictwo AE, Wroclawiu 2005
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
19 Aug 07
Last Revised:
19 Aug 07
174
(49,688)
   
    Abstract:
Maximization of wealth of his owners is the basic financial aim in management of enterprise. Inventories management which controls risk, contributes to realization of this aim. Article presents accessible for enterprises methods which control delivery risk in inventory management decision making by firm.Inventory Management, Value based management, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

25.    

Why Firms Tie Money in Cash Balances? Demand for Cash in Firm and its Relation to Operational Business Risk | Show Abstract Hide Abstract | Download |
ZARZADZANIE FINANSAMI PRZEDSIEBIORSTW – TEORIA I PRAKTYKA, W. Pluta, ed., PN AE, Wroclaw, pp.365-375, 2006
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
16 Aug 07
Last Revised:
16 Aug 07
170
(50,816)
   
    Abstract:
Maximization of wealth of his owners is the basic financial aim in management of enterprise. Cash management must contribute to realization this aim. Article presents the method of determination precautionary and speculative levels of cash in firm. Levels of cash in firms increase net working capital and costs of holding cash. Both of them decrease value of the firm.Demand for Cash, Cash Balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management

26.    

Relation Price to Book Value as Factor Shaping Internal Value of Liquidity | Show Abstract Hide Abstract | Download |
Strategie i instrumenty Alokacji Kapitalu Finansowego, pp. 409-419, Lublin, 2004
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
19 Jul 07
Last Revised:
23 Jul 07
167
(51,668)
   
    Abstract:
The basic financial purpose of an enterprise is maximization of its value. The key theme of this paper is Price/Book Value relation as factor shaping value of liquidity. This relation increase internal value of financial liquidity of the firm.Value of liquidity, Value based management, Liquidity measures, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

27.    

Influence of Precautionary Cash Level on Value of the Firm | Show Abstract Hide Abstract | Download |
Strategie wzrostu wartości przedsiębiorstwa: Teoria i praktyka, Vol. 1, pp. 453-458, 2006
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
16 Aug 07
Last Revised:
01 Oct 07
143
(59,802)
   
    Abstract:
Maximization of wealth of his owners is the basic financial aim in management of enterprise. Cash management must contribute to realization of this aim. Article presents the method of determination precautionary level of cash in firm. Level of cash in firm increase net working capital and cost of holding cash. Both of them decrease value of the firm.Demand for Cash, Cash balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management, precautionary cash, risk management

28.    

Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
03 Oct 07
Last Revised:
03 Oct 07
140
(60,933)
   
    Abstract:
Actually determining the value of liquidity is one of the unsolved problems in finance. Firms hold liquidity for a variety of different reasons. Generally, liquidity balances held in a firm can be called considered, precautionary, speculative, transactional and intentional. The first are the result of management anxieties. Managers fear the negative part of the risk and hold liquidity to hedge against it. Second, liquidity balances are held to use chances that are created by the positive part of the risk equation. Next, liquidity balances are the result of the operating needs of the firm. Having information about value of liquidity we can better dissolve the problem of liquidity management. The liquidity management leaning on the information about the value of liquidity drives to increase of the value of the firm.Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

29.    

The Typical Levels of Liquidity Measures in Small Firms | Show Abstract Hide Abstract | Download |
Uwarunkowania rynkowe rozwoju mikro i malych przedsiebiorstw, ZNUS No. 458, EPU No. 10, pp. 278-285, A. Bielawska, Szczecin, 2007
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
23 Aug 07
Last Revised:
23 Aug 07
127
(66,146)
   
    Abstract:
The correct liquidity management depends on owner knowledge about true level of liquidity. An object of the article they are static measures of the financial liquidity, and with their advantages and with defects. Liquidity measures for micro and small firms are higher than adequate measures for larger firms. Some researchers are ready to think that it is sufficient to tell that such micro and small firms characterizes good level of solvency. Article shows why such conclusion not always is safe.Demand for Cash, Cash balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management

30.    

Debt Costs Determinants in Small Enterprise | Show Abstract Hide Abstract | Download |
Uwarunkowania rynkowe rozwoju mikro i małych przedsiębiorstw, A. Bielawska, ed., pp. 465-471, 2006
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
16 Aug 07
Last Revised:
16 Aug 07
119
(69,833)
   
    Abstract:
The cost of debt for small enterprises is higher than for other enterprises. The article explains why the cost of debt for small business is higher than for other firms. It is a result of specific characteristics of small enterprises. First of all, the small enterprises are more risky than other firms. Next, in small enterprises, agency costs and information asymetry are different than in other firms. All of them cause, the growing of the cost of debt for small enterprises.Value of liquidity, kost of debt, Value based management, Demand for Liquidity, agency costs, Risk, Uncertainty

31.    

The Usefulness of Statical Measures of the Financial Liquidity | Show Abstract Hide Abstract | Download |
ZASTOSOWANIA METOD ILOSCIOWYCH, J. Dziechciarz ed), pp. 214-226,, Wroclaw, 2003
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
18 Jul 07
Last Revised:
05 Aug 07
115
(71,808)
   
    Abstract:
The correct liquidity management is addicted to of this, whether the management of the firm knows how much its has. An object of the article they are statical measures of the financial liquidity, and with their advantages and with defects.Liquidity measures, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

32.    

Value Based Production Order Quantity Model | Show Abstract Hide Abstract | Download |
Finanse Przedsiębiorstwa, pp. 245-250, 2006
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
16 Aug 07
Last Revised:
16 Aug 07
108
(75,426)
   
    Abstract:
Maximization of wealth of his owners is the basic financial aim in management of enterprise. Inventory management must contribute to realization this aim. Article presents value based POQ model modification.value-based management, inventory management, POQ, net working capital

33.    

Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
11 Nov 08
Last Revised:
11 Nov 08
107
(75,935)
   
    Abstract:
Maximization of wealth of his owners is the basic financial aim in management of an enterprise. Decisions in net current assets investments should contribute to realization of this aim. Article presents the discussion about relations between firm’s net current assets (working capital) investment policy and firms value.Current assets, firm value, operational risk

34.    

Factors Decreasing the Internal Value of the Liquidity | Show Abstract Hide Abstract | Download |
Wydawnictwo Akademii Ekonomicznej we Wroclawiu, 2004
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
16 Jul 07
Last Revised:
16 Jul 07
103
(78,183)
   
    Abstract:
To set the optimal level of the financial liquidity in the firm, it is necessary to have the information about the internal value of the liquidity. The internal value of the liquidity in the firm is relative to level of the liquidity plus eight other factors. Three of them are decreasing internal value of liquidity. The article contains consideration concerning these factors and activities of the management of the firm resulting from the observations of the factors.Value of liquidity, Value based management, Liquidity measures, Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

35.    

Reasons of the Support of the Financial Liquidity in the Firm | Show Abstract Hide Abstract | Download |
FINANSE I BANKOWOSC NR 11, D. Misinska, M. Myszkowska, eds., pp. 115-124, Wroclaw, 2003
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
18 Jul 07
Last Revised:
05 Aug 07
101
(79,286)
   
    Abstract:
Industrial companies invest large sums in the support of financial liquidity. The article presents reasons of the support of the financial liquidity. They consist of the possibility of the saving on transaction costs, provisions before expensive and negative results of the lack of liquidity, possibilities of executing of unusually profitable sensitive investments on the time and the possibility of the use properly high-level of the liquidity in the aim of financing its own activity and the investment.Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Liquidity, Short-Term Financial Management, Working Capital Management

36.    

The Reasons Why the Industrial Firms Hold Financial Liquidity | Show Abstract Hide Abstract | Download |
Uniwersytet Szczecinski, Wydzial Nauk Ekonomicznych i Zarzadzania, pp. 91-99, 2003
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
14 Jul 07
Last Revised:
14 Jul 07
98
(81,058)
   
    Abstract:
Industrial companies invest a lot of money to maintain their liquidity. The article present reasons for holding sufficient level of financial liquidity in an industrial firms. Proposition of article is based on information about value of liquidity.Demand for Liquidity, Liquidity balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management, Value of liquidity

37.    

Trade Credit Decision – Portfolio Approach | Show Abstract Hide Abstract | Download |
Ekonomika, Vol. 80, pp. 40-50, 2007
Accepted Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
30 Apr 08
Last Revised:
02 May 08
55
(114,967)
   
    Abstract:
Trade credit managers should create value also during trade credit decision making. Present article is about using portfolio approach to chose the best way trade credit decision making.Trade credit, liquidity value, firm value, current assets, accounts receivable

38.    

Debt & Equity Costs Determinants in Small Enterprise: JEREMIE Fund Influence on Financial Situation of Small and Middle Enterprises | Show Abstract Hide Abstract | Download |
Proceedings of 4. Mezinárodní Konference Rízení a Modelování Financních Rizik, Ostrava 2008
Working Paper Series
Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
10 Feb 09
Last Revised:
15 Mar 09
43
(128,019)
   
    Abstract:
From financial perspective, the JEREMIE fund initiative is profitable and enhances the functioning of micro and small enterprises. Particularly profitable are aspects connected with providing these enterprises with equity capital (i.e. Business Angels, Venture Capital) as well as with the theoretical possibilities connected with reducing the financial risk by over regional institution guarantees (less vulnerable to potential risks occurring in the native region of the micro enterprises engaged in JEREMIE).capital cost, target capital structure, micro and small enterprises

39.    

Grzegorz Marek Michalski

Wroclaw University of Economics
Posted:
11 Nov 08
Last Revised:
11 Nov 08
19
(171,662)
   
    Abstract:
The basic financial purpose of an enterprise is maximization of its value. Inventory management should also contribute to realization of this fundamental aim. The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences for the recipients firm that can result from operating risk that is related to delivery risk generated by the suppliers. The present article offers a method that uses portfolio management theory to chose the suppliers.Corporate liquidity, firm value, delivery risk