Results 171 to 180 of about 91,685 (207)
Some of the next articles are maybe not open access.
Free Cash Flows, Inssuance Costs and Volatility
2011We develop a dynamic model of a firm facing agency costs of free cash flow and external financing costs. An explicit solution for the firm's optimal balance sheet dynamics is derived. Financial frictions affect issuance and dividend policies, the value of cash holdings, and the dynamics of stock prices.
Decamps, Jean-Paul +3 more
openaire +2 more sources
Service quality, cash flow volatility, and moderating environmental factors
Marketing Intelligence & Planning, 2015Purpose– Service quality is a critical factor leading to firm returns. However, its benefit on the firm risk side metric is not clear. The purpose of this paper is to link firm service quality and firm cash flow volatility (CFV) and further investigates this relationship by incorporating the moderating effects from three environmental variables ...
Wenbin Sun, Kexiu Cui
openaire +1 more source
Separating Ambiguity and Volatility in Cash Flow Simulation Based Volatility Estimation
SSRN Electronic Journal, 2007Volatility is a significant parameter both in financial and real options valuation. However, in the case of several real option projects there is no historical data available. In such cases, one alternative is to use Monte Carlo simulation on projects' cash flows for estimating volatility.
openaire +1 more source
Free Cash-Flow, Issuance Costs and Stock Volatility
SSRN Electronic Journal, 2008We study the issuance and payout policy that maximizes the value of a firm facing both agency costs of free cash-flow and external financing costs. We find that firms have target cash levels and optimally issue equity when they run out of cash. We characterize the process modelling the number of outstanding shares and the dynamics of the stock prices ...
openaire +1 more source
Stock Price Volatility, Ordinary Dividends, and Other Cash Flows to Shareholders
The Journal of Finance, 1993ABSTRACTThis paper shows that the results of variance‐bound tests depend on how cash distributions to shareholders are measured. As in prior studies, we find apparent evidence of excess volatility when a narrow definition of cash flow (dividends only) is applied.
Ackert, Lucy F, Smith, Brian F
openaire +1 more source
Idiosyncratic volatility and cash flow volatility: New evidence from S&P 500
International Review of Financial Analysis, 2018Abstract Employing firm-level data of S&P 500 constituent companies from 1990 to 2016, we offer new evidence on the strong time series and cross-sectional relationships between Idiosyncratic stock return volatility (Ivol) and cash flow volatility even after controlling for illiquidity and firm size, which also vary by period of economic condition ...
Yuntaek Pae, Sung C. Bae, Namhoon Lee
openaire +2 more sources
The Impact of Cash Flow Volatility on Systematic Risk [PDF]
Journal of Insurance Issues, 2008 Where information is costly, volatile cash flows create information acquisition costs that reduce value. Thus, managers act to reduce their firm’s volatility of cash flow in anticipation of higher value for shareholders. However, when managers reduce the firm’s cash flow volatility, they also affect the systematic risk of their firm’s stock.
Nicos A. Scordis +2 more
openaire
R&D, Corporate Philanthropy, and Cash Flow Volatility
Corporate Social Responsibility and Environmental ManagementABSTRACT Although academic research in the recent two decades has increasingly focused on the drivers and consequences of CSR engagement for firms, the R&D and corporate philanthropy nexus has not been sufficiently explored, especially on a global scale.
Ali Uyar +4 more
openaire +1 more source
Cash Flow Volatility and Capital Structure in Asia
Journal of Accounting and FinanceThis paper aims to investigate the relationship between cash flow volatility and capital structure policy for firms in developing Asian economies. The relationship is then examined, with all firms separated based on their economic development, and again based on prior debt levels and operating cash flows.
openaire +1 more source
Cash Flow Volatility, Income Smoothing and CEO Cash Compensation
SSRN Electronic Journal, 2009Somnath Das +2 more
openaire +1 more source