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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
openaire +1 more source
Over-investment of free cash flow
Review of Accounting Studies, 2006This paper examines the extent of firm level over-investment of free cash flow. Using an accounting-based framework to measure over- investment and free cash flow, I find evidence that, consistent with agency cost explanations, over-investment is concentrated in firms with the highest levels of free cash flow.
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Cash Retention Strategies: Test of Free Cash Flow Theory
2003This chapter examines financing decisions by firms listed on the Mumbai Stock Exchange. A study by Singh and Hamid of stock market data for the top 100 manufacturing firms in several industrialising countries showed how these firms use internal and external resources to finance investment (Singh and Hamid, 1992).
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Storytellers, stories, and “free cash flow”
International Review of Financial Analysis, 1994Abstract This paper illustrates the role of stories and storytelling in financial economics through analysis of “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers” (Jensen, 1986). In financial economics, only elite economic theoreticians like Jensen can tell stories, and they present their worldview as objective reality.
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2017
According to what is the target of the valuation, both free cash flows to the firm and free cash flows to equity can be calculated. When the cash flows have been calculated the valuation comes from the application of the Free-Cash-Flow-Based valuation methods, a family of models that relies on the accounting cash flows as a source of information for ...
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According to what is the target of the valuation, both free cash flows to the firm and free cash flows to equity can be calculated. When the cash flows have been calculated the valuation comes from the application of the Free-Cash-Flow-Based valuation methods, a family of models that relies on the accounting cash flows as a source of information for ...
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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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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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The Circularity Problem with Free Cash Flow
Business Valuation Review, 2008Abstract This paper reviews the circularity problem with the free cash flow valuation method. It quantifies the problem via a numerical example and discusses potential solutions. It concludes that it is best solved via an iteration process.
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