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'How Does Web Personalization Create Value? Lower Cash Flow Volatility or Enhanced Cash Flows'
SSRN Electronic Journal, 2019This study examines the performance consequences of web personalization (WP), a type of personalization in which web content is personalized and recommendations are offered based on customer preferences. Despite the growing popularity of personalization, there is a dearth of research at the firm level on whether and how web personalization creates ...
Kartik Kalaignanam +2 more
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Industry cash flow volatility and stock price crash risk
Managerial and Decision Economics, 2021This study examines the effect of industry cash flow volatility on the risks of stock price crash by investigating Chinese A‐share listed companies from 2005 to 2015. Findings reveal that increases in the degree of volatility in industry cash flow significantly increase the risk of a stock price crash, and the conclusion remains valid after the ...
Bing Wang +3 more
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Cash flow volatility and corporate bond yield spreads
Review of Quantitative Finance and Accounting, 2008We conduct a detailed empirical study of the effects of cash flow volatility on corporate bond yield spreads. We use both forward-looking and historical cash flow volatility measures. Using a large sample of transaction prices for investment grade straight bonds, we show that cash flow risk has strong statistical significance and economic effects on ...
Kenneth R. Vetzal +2 more
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Cash Flow Volatility and Capital Structure Choice
SSRN Electronic Journal, 2015Prior research finds a weak relation between cash-flow volatility and leverage. Using a novel measure of cash-flow volatility, we find that volatility matters more for firms that are financially constrained. Constrained firms issue debt when volatility is low, but have trouble deleveraging in response to increases in volatility.
Evan Dudley, Christopher M. James
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Cash Flow Volatility, Prices and Price Volatility: An Experimental Study
The Journal of Real Estate Finance and Economics, 2011The value of an asset is equal to the present value of its expected future cash flows. It is affected by the magnitude, timing and riskiness, or volatility, of the cash flows. We hypothesize that if the expected values of two assets’ cash flows are equal, the value of the asset with more volatile cash flows will be lower.
Nuriddin Ikromov, Abdullah Yavas
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Pre-IPO Cash Flow Volatility and Aftermarket Valuation
SSRN Electronic Journal, 2017Purpose The purpose of this paper is to examine how pre-IPO cash flow and earnings volatility influence both post-IPO pricing and valuation. This paper provides an empirical extension of Pástor and Veronesi’s (2003, 2005) argument that uncertainty surrounding a private firm’s expected profitability can impact how the firm is valued in the IPO ...
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Cash flow volatility and trade credit in Asia
International Journal of Managerial Finance, 2019PurposeThe purpose of this paper is to identify the relation between cash flow volatility and trade credit offered by firms in developing Asian economies.Design/methodology/approachThe study conducts country fixed effect regressions testing the relationship between cash flow volatility and firm investment in trade credit.
Harris, Chris, Roark, Scott, Li, Zhe
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Idiosyncratic Return Volatility, Cash Flows, and Product Market Competition
Review of Financial Studies, 2005Over the past 40 years, the volatility of the average stock return has drastically outpaced total market volatility. Thus, idiosyncratic return volatility has dramatically increased. We estimate this increase to be 6% per year. Consistent with an efficient market, this result is mirrored by an increase in the idiosyncratic volatility of fundamental ...
Paul J. Irvine, Jeffrey Pontiff
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Cash flow volatility monitoring for national security in healthcare
Finance and Credit, 2023Subject. This article examines operational indicators that help monitor healthcare. Objectives. The article aims to develop and test a methodological approach to the creation of the theory of indicators, which can help assess the applicability of data for monitoring the state of healthcare. Methods.
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Earnings Volatility, Cash Flow Volatility and Informed Trading
2007I examine whether earnings that are smoother or more volatile than cash flows provide or garble information. Consistent with theories that predict more informed trading when public information is less informative, I find that bid-ask spreads and the probability of informed trading are higher both when earnings are smoother than cash flows and also when
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