Intangible Capital, Negative Cash Flow and Corporate Policy

UNIVERSITY OF TECHNOLOGY SYDNEY
Finance Department
Research Seminars in Finance

Alexander

Topic: Intangible Capital, Negative Cash Flow and Corporate Policy: International Evidence

Speaker: Alexander Vadilyev, the Australian National University

Venue: Hybrid - Both face to face and online

On campus | Face to face seminar in room CB08.08.002, Building 8, University of Technology Sydney, Australia (Map of campus) 

Zoom | Click here to register (After registering, you will receive a confirmation email containing information on how to join the meeting, including an access link.)

Abstract: This study explores how intangible investments with negative operating cash flows (OCFs) affect corporate policies in a large sample of firms from 60 economies. First, while intangible investments have caused negative OCFs to increase in developed economies, both have remained unchanged in developing economies. Second, while intangible-intensive firms with negative OCFs account for the secular rise in cash holdings in developed economies, no significant rise has occurred in developing economies. Third, intangible-intensive firms with negative OCFs have become the majority of equity issuers. In sum, negative OCFs induced by intangible investments have altered corporate policies but solely in advanced economies.

Seminar protocols:

  • The seminar will run for 45 minutes, followed by a 15 minute Q&A session
  • There will be a moderator for each seminar event, who will facilitate communication and resolve any issues
  • Participants can raise their hand to ask questions during the presentation. The moderator will then alert the speaker at the appropriate time and either ask the questions raised or they can ask the question directly to the presenter

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Co-ordinator: Kenny Phua

Enquiries: Jin Jo

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UTS acknowledges the Gadigal people of the Eora Nation, the Boorooberongal people of the Dharug Nation, the Bidiagal people and the Gamaygal people, upon whose ancestral lands our university stands. We would also like to pay respect to the Elders both past and present, acknowledging them as the traditional custodians of knowledge for these lands.