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Operational Risk of the Buyers - Portfolio Management Approach in Accounts Receivables Management
Grzegorz Michalski Wroclaw University of Economics Zarzadzanie finansami firm - teoria i praktyka, PNAE No. 1159, pp. 260-273, B. Bernas, W. Pluta, Wroclaw, 2007 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.
Note: Downloadable PDF is in Polish. Keywords: Demand for Cash, Cash balances, Risk, Uncertainty, Real Options, Option Value of Money, Short-Term Financial Management, Working Capital Management JEL Classifications: G39, G32, G11, M11, D81, O16, P33, P34 Accepted Paper SeriesDate posted: August 23, 2007 ; Last revised: August 23, 2007Suggested CitationContact Information
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