Results 261 to 270 of about 3,470,657 (295)

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, James Barrese, Ping Wang   +2 more
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'How Does Web Personalization Create Value? Lower Cash Flow Volatility or Enhanced Cash Flows'

SSRN Electronic Journal, 2019
This 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, Tarun Kushwaha, Koushyar Rajavi   +2 more
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Free Cash Flows, Inssuance Costs and Volatility

2011
We 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, Mariotti, Thomas, Rocher, Jean-Charles, Villeneuve, Stephane   +3 more
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Stock Price Volatility, Ordinary Dividends, and Other Cash Flows to Shareholders

The Journal of Finance, 1993
ABSTRACTThis 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
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Separating Ambiguity and Volatility in Cash Flow Simulation Based Volatility Estimation

SSRN Electronic Journal, 2007
Volatility 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.
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Idiosyncratic Return Volatility, Cash Flows, and Product Market Competition

Review of Financial Studies, 2005
Over the past forty 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, we show that this result is mirrored by an increase in the idiosyncratic volatility of
Paul J. Irvine, Jeffrey Pontiff
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Free Cash-Flow, Issuance Costs and Stock Volatility

SSRN Electronic Journal, 2008
We 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 ...
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Service quality, cash flow volatility, and moderating environmental factors

Marketing Intelligence & Planning, 2015
Purpose– 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
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Cash Flow Volatility and Capital Structure in Asia

Journal of Accounting and Finance
This 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.
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Cash Flow Volatility and Trade Credit in Pakistan

SSRN Electronic Journal, 2023
Hammad Ahmed, Danish Ahmed Siddiqui
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