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Free Cash Flow Disclosure in Earnings Announcements
Journal of Financial Reporting, 2023ABSTRACT More companies are disclosing free cash flow in their earnings announcements. Companies choose a range of definitions, almost none of which correspond to the theoretical finance definition. The most common definition (in 40 percent of free cash flow disclosures) is operating cash flow minus gross capital expenditures.
Katharine W. Adame +3 more
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Free Cash Flow and Earnings Management
2021This study draws on Jensen's free cash flow hypothesis to evaluate the relationship between free cash flow and earnings management. This study also examines whether the level of leverage moderate the relationship between free cash flow and earnings management.
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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 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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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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One‐Time Cash Flow Announcements and Free Cash‐Flow Theory: Share Repurchases and Special Dividends
The Journal of Finance, 1992ABSTRACTThe leading explanation for the positive price response surrounding tender offer share repurchase and specially designated dividend (SDD) announcements is the information signaling hypothesis. This paper reexamines these announcements to determine if Jensen's free cash‐flow theory also has explanatory power.
Howe, Keith M, He, Jia, Kao, G Wenchi
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Free Cash Flow, Issuance Costs, and Stock Prices
The Journal of Finance, 2011ABSTRACTWe develop a dynamic model of a firm facing agency costs of free cash flow and external financing costs, and derive an explicit solution for the firm's optimal balance sheet dynamics. Financial frictions affect issuance and dividend policies, the value of cash holdings, and the dynamics of stock prices.
Décamps, Jean-Paul +3 more
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SSRN Electronic Journal, 2008
The limitation of the problem of free cash flow depends on the efficiency of governance mechanisms. In our study, we chose four main governance mechanisms, namely debt, the distribution of dividends, boards of directors and ownership structure. On the basis of a sample of 94 French firms in 2004, the results show that sustained distribution of ...
Mehdi Nekhili +2 more
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The limitation of the problem of free cash flow depends on the efficiency of governance mechanisms. In our study, we chose four main governance mechanisms, namely debt, the distribution of dividends, boards of directors and ownership structure. On the basis of a sample of 94 French firms in 2004, the results show that sustained distribution of ...
Mehdi Nekhili +2 more
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2018
Zu den Cashflow‐Modellen zahlen neben dem Dividendendiskontierungsmodell auch die Free‐Cash‐Flow‐Modelle, bei denen anstatt Dividenden frei verfugbare Cashflows mit der erwarteten Rendite diskontiert werden. Die frei verfugbaren Cashflows verkorpern die vom Unternehmen erwirtschafteten betrieblichen Cashflows nach Abzug der erforderlichen Investitionen
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Zu den Cashflow‐Modellen zahlen neben dem Dividendendiskontierungsmodell auch die Free‐Cash‐Flow‐Modelle, bei denen anstatt Dividenden frei verfugbare Cashflows mit der erwarteten Rendite diskontiert werden. Die frei verfugbaren Cashflows verkorpern die vom Unternehmen erwirtschafteten betrieblichen Cashflows nach Abzug der erforderlichen Investitionen
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Family ownership and free cash flow
International Journal of Managerial Finance, 2017Purpose The purpose of this paper is to investigate the effect of family ownership on investment-cash flow sensitivity and on firm performance. Design/methodology/approach The author uses panel data to examine the relationship between investment and cash flow and between family ownership and the firm performance of Thai listed firms from 2001 to ...
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