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Information flow and investment cash flow sensitivity
Applied Economics LettersIn this paper, we examine whether firms with greater information flow, i.e., which reveal more firm-specific information through their idiosyncratic stock price movements, are associated with lower investment cash flow sensitivity. Using a sample of 450 French non-financial firms over the period 2006-2022, we find results consistent with the idea that ...
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Cash-Flow Appraisal for Property Investment
2004This book is a practical guide to the application of discounted cash flow for second and third year undergraduates on property management courses and would also be useful for practising chartered surveyors and those involved in the property business.
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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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Derivative Cash Flows and Corporate Investment
SSRN Electronic Journal, 2018A crucial argument for motivating hedging is that it supports corporate investment when internal cash flows are volatile and external financing is costly (Froot, Scharfstein and Stein, 1993). Despite its vast influence, the predictions of this theory have not yet been directly tested.
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Determinants of Investment Cash Flow Sensitivity
Financial Management, 2009I classify firms into groups of high, low, and negative sensitivity. I find that investment‐cash flow sensitivity is nonmonotonic with respect to financial constraints, cash flows, and growth opportunities. Firms classified as negative cash flow sensitive have the lowest cash flows, highest growth opportunities, and appear the most financially ...
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Investment Decision and Cash Flows
SSRN Electronic Journal, 2009Robert S. Harris, John Pringle
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Investment Decision and Cash Flows (Russian)
SSRN Electronic Journal, 2021Robert S. Harris, John Pringle
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