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Investment Cash Flow Sensitivity: The Role of Cash Flow Volatility
SSRN Electronic Journal, 2014Low cash flow volatility firms receive stronger signals about future cash flow from a given cash flow shock, yielding a larger drop in demand for external finance and their cost of external finance, implying higher investment-cash flow sensitivities (ICFS). Empirical analysis in 6 European countries confirms this.
Klaas Mulier +2 more
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Cash flow volatility and investor sentiment
Managerial Finance, 2017PurposeThe purpose of this paper is to test whether investors take flight to safety when sentiment is low. In other words, do safe firms perform better than risky firms following periods of low sentiment.Design/methodology/approachUsing cash flow volatility and the percent of bullish investors as proxies for risk and investor sentiment the paper tests ...
Subramanian Rama Iyer, Joel T. Harper
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Cash Flow Volatility and Capital Structure
2020This chapter made an attempt to investigate how cash flow volatility affects the debt of different maturities among 1681 Indian MSMEs across a period of 12 years (2006–2017). Both the primary and robustness results confirm a significant negative relationship between cash flow volatility and the use of debt (long-term and short-term).
Nufazil Altaf, Farooq Ahmad Shah
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Earnings Smoothing, Cash Flow Volatility, and CEO Cash Bonus
SSRN Electronic Journal, 2012AbstractPrior studies generally relate managers’ decisions to smooth earnings to their desire to maximize their overall compensation and to smooth their consumption. However, earnings smoothing could also be driven by the firm's expected benefits from reporting a smooth earnings stream. Our paper provides empirical support for the latter explanation of
Somnath Das, Keejae Hong, Kyonghee Kim
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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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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 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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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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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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