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2019
The valuation method is based on the simple accounting identity and produce Free Cash Flows after deducting the capital expenditure. To place numbers into this idea, we could look at these potential cash flows from the operations and find what they are worth based on their present value and Financial Flexibility.
Chun-Ping Chang +3 more
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The valuation method is based on the simple accounting identity and produce Free Cash Flows after deducting the capital expenditure. To place numbers into this idea, we could look at these potential cash flows from the operations and find what they are worth based on their present value and Financial Flexibility.
Chun-Ping Chang +3 more
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A free cash flow version of the cash flow statement: a note
Managerial Finance, 2006Purpose – This paper reports an attempt to design a free cash flow version of the cash flow statement. In specific, the paper relates the comprehensive income concept to the definition of free cash flows and shows how free cash flows and residual income can be calculated from the cash flow statement.
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Demutualizations and Free Cash Flows [PDF]
Journal of Insurance Issues, 1995 This article examines undistributed cash flow before and after life insurance company demutualizations. Theory argues that free cash flow should be lower on a relative basis under the stock form of organization as the incentives, control, and bond opportunities are greater than under the mutual form of organization.
C. Steven Cole +2 more
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The Correct Definition for the Cash Flows to Value a Firm (Free Cash Flow and Cash Flow to Equity)
SSRN Electronic Journal, 2005Surprisingly there is a wide range of interpretations on how to calculate the cash flows for valuation purposes. This ample definition of what the cash flows are is shared by academicians and practitioners. Some of the definitions openly contradict the essential and basic concepts of cash flow and time value of money.
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Degree of free cash flow leverage
Review of Accounting and Finance, 2019Purpose This paper aims to forgo the conventional (degree of operating leverage) risk measure by replacing elasticity of operating profits with respect to output with elasticity of free cash flow (FCF) with respect to optimal output and by considering exogenous random demand shocks for the firm’s products as a source of risk.
David Yecham Aharon +2 more
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A Free Cash Flow Investment Anomaly
Journal of Accounting, Auditing & Finance, 2000This paper examines an investment strategy based on free cash flows. The strategy selects securities into a “long” portfolio that outperforms the market index, returns of similar size securities, and returns of similar risk (beta and book-to-market) securities.
Kenneth S. Hackel +2 more
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Finance methodology of Free Cash Flow
Global Finance Journal, 2016Abstract Free Cash Flow (FCF) was adopted in the late 1980s as a financial tool to evaluate the firm and its individual projects. We question the procedure of calculating the FCF where a significant portion of Current Liabilities is offset against Current Assets, thereby creating the hybrid asset Net Working Capital (NWC).
Uzi Yaari +3 more
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A test of the free cash flow hypothesis
Journal of Financial Economics, 1991Abstract We develop a measure of free cash flow using Tobin's q to distinguish between firms that have good investment opportunities and those that do not. In a sample of successful tender offers, bidder returns are significantly negatively related to cash flow for low q bidders but not for high q bidders; further, the relation between cash ...
Larry H.P. Lang +2 more
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SSRN Electronic Journal, 2005
Surprisingly there is a wide range of interpretations on how to calculate the cash flows for valuation purposes. This ample definition of what the cash flows are is shared by academicians and practitioners. Some of the definitions openly contradict the essential and basic concepts of cash flow and time value of money.
openaire +1 more source
Surprisingly there is a wide range of interpretations on how to calculate the cash flows for valuation purposes. This ample definition of what the cash flows are is shared by academicians and practitioners. Some of the definitions openly contradict the essential and basic concepts of cash flow and time value of money.
openaire +1 more source
Discussion of “Overinvestment of free cash flow”
Review of Accounting Studies, 2006Richardson’s paper is a useful addition to the literature on the relationship between cash flow and investment. His approach to estimating this relationship is a new twist on earlier approaches. Like most of this literature, Richardson finds evidence that firms’ investment decisions are excessively sensitive to current cash flow, suggesting that ...
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