bc0e6d7f_ue_Investing__Timeless_Reading__Description
[Title] The Value of Cash, Cross Holdings and Other Non-operating Assets [Download] The Value of Cash and Cross Holdings(Download paper)GrossvsNet.xls: Resolving the differences between gross and net debt approaches [Description] 
Most businesses carry cash on their balance sheets, though the motives for holding cash vary widely across firms. Some of the cash is held to cover operating needs (transactions), some to cover contingencies (precautionary motive) and some reflects managerial incentives. We consider how best to value cash in both discounted cash flow and relative valuations, and consider the net debt and gross debt approaches in valuation. We also examine how to incorporate the value of cross holdings, both majority and minority, into business valuations.
Value Investing: Timeless Reading
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