Letter From the Editor

Published date01 November 2015
Date01 November 2015
AuthorJim Edwards
© 2015 Wiley Periodicals, Inc.
Published online in Wiley Online Library (wileyonlinelibrary.com).
DOI 10.1002/jcaf.22111
Letter From the Editor
Dear JCAF Reader,
I am pleased to announce
the appointment of Michael
A. Ehrlich, PhD, as the new
Associate Editor of JCAF.
Dr.Ehrlich will manage
relations with the worldwide
academic community. He will
be responsible for soliciting
articles from academic authors.
He will oversee the academic
review process and work with
authors to develop articles for
publication. Academic sub-
missions will be directed to
Dr.Ehrlich for evaluation by
a refereed double‐blind peer
review team before they are
considered by the editor for
publication. Other submissions
will undergo an editorial review
process managed by the editor,
Jim Edwards.
Dr. Ehrlich is an Associ-
ate Professor of Finance in
the School of Management
at the New Jersey Institute of
Technology (NJIT) with a joint
appointment in Information
Systems. Previously, he was
a senior managing director
at Bear Stearns, Inc. and an
arbitrage trader at Salomon
Brothers, Inc. He earned his
BA in Economics in 1981 at
Yale University and his PhD
inEconomics/Finance in 1987
at Princeton University.
Dr. Ehrlich has extensive
research experience resulting
in seminars, reports, educa-
tional programs, development
of research and community
outreach centers, and com-
mercialization of technology
in addition to published work.
He has worked on the problem
of financing new ventures and
has developed unique data sets
and analysis of entrepreneurs
attempting to commercial-
ize new technology. He has
also studied financial bubbles
and written about the failures
of the mortgage market and
structured investment vehi-
cles during our most recent
financial crisis.
His research focuses on
how and why financial markets
fail and seeks to develop practi-
cal solutions to address finan-
cial market failures. Through
his research efforts he has
established collaborations with
many students, academics, and
corporate colleagues. He has
forged collaborations to ben-
efit from work with his NJIT
colleagues and investigators at
other institutions. Dr. Ehrlich
has published articles in the
Journal of Business Venturing,
Journal of Applied Corporate
Finance, and seven in the Jour-
nal of Corporate Accounting &
This issue features articles
on treasury and cash manage-
ment. Cash is the plasma that
moves through economic orga-
nizations, keeping them alive.
Itis the “liquid” asset.
Louis P. Le Guyader leads
off this issue with “Trapped
Excess Cash as a Reporting
Challenge.” He points out that
increased vigilance is needed
because every new management
decision or reporting choice
is an opportunity for a moral‐
hazard stumble on the slippery
slopes of corporate reporting.
In “Various Implications
of Excessive and Insufficient
Cash Balances for Corpora-
tions,” Gregory L. Prescott
reports the findings of four
studies published in recent
years in accounting and finance
journals on the subject of cash
holdings and various topics
of interest to chief financial
officers, controllers, and other
financial professionals.
Thomas D. Schultz and
Roger Y. W. Tang tackle the
problem of holding significant
cash balances offshore to
avoid tax consequences asso-
ciated with repatriations.
Such practices can make the
amounts unavailable for use
in the United States. In “The

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