Letter From the Editor

• Published date: 01 November 2015
• Date: 01 November 2015
• Author: Jim Edwards
• DOI: http://doi.org/10.1002/jcaf.22111

1

© 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 &

Finance.

THE CURRENT ISSUE

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