Most US web2 software companies might progress through their lifespans without ever uttering the words treasury management in a board meeting. 

Cash deals do better, on average, than deals funded with equity or a combination of cash and equity.36 The basic idea is that management of the buyer will finance a deal with cash if it thinks the stock of its company is undervalued and will use stock if it thinks it is overvalued. Cash deals also provide a higher payoff for the shareholders of the

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Finally, while the economic drivers of police rates, nominal growth, and profitability determine the direction of the moves relative to other asset classes, the total size of the move in prices is driven by liquidity conditions, i.e., how much cash or cash-like assets are available to purchases equities at a given time. Part of this flow is

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