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Cash flow sensitivity of cash: when should we use it to measure financial constraints?
Since Almeida et al. (J Financ 59:1777–1804, 2004), there has been a long debate on whether the cash flow sensitivity of cash (CFSC) measures...
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Cash flow duration and market reactions to earnings announcements
This study examines how a stock security’s cash flow duration impacts stock price reactions at earnings announcements. We find that stock price...
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Free Cash Flow Models
Cash flow models include not only the dividend discount model but also free cash flow models, in which free cash flows are discounted at the expected...
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Shedding light on foreign currency cash flow hedges: transparency and the hedging decision
Utilizing firms in the S&P 500, we study whether greater transparency in the reporting of other comprehensive income (OCI) items, as mandated by ASU...
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The market value of SMEs: a comparative study between private and listed firms in alternative stock markets
This study aims to compare the market value of private firms and publicly listed small and medium-sized firms (SMEs) in alternative stock markets...
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Firms cash management, adjustment cost and its impact on firms’ speed of adjustment: a cross country analysis
We investigate the firms’ specific attributes that determine the difference in speed of adjustment (SOA) towards the cash holdings target in the...
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Government control and the value of cash: evidence from listed firms in China
In this paper, we investigate the impact of government control on investors’ valuation of cash held by listed firms in China. We find strong and...
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Are directors with foreign experience better monitors? Evidence from investment efficiency
Using Chinese listed firms from 2008 to 2018, we find that directors with foreign experience alleviate both overinvestment and underinvestment, hence...
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Consideration of Uncertainties in Business Valuations
Valuation seems to be impossible since the future is uncertain. Nevertheless, company values are necessary for many reasons, so the question arises...
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The Impacts of Policy Uncertainty on Asset Prices: Evidence from China’s Market
We employ the "Two Sessions," comprising the National People’s Congress and the Chinese People’s Political Consultative Conference, as a proxy for...
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Dividend Discount Model
Equity analysis is carried out by means of fundamental and/or technical analysis. Fundamental analysis examines the factors influencing the share...
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The impact of cash flow management versus accruals management on credit rating performance and usage
Corporate bond issuers attempt to influence bond ratings through their discretion over reported numbers, which could diminish credit rating quality....
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Hedge fund activism and corporate intangible capital investments
We examine the impact of activist hedge fund campaigns on corporate Intangible Capital (IC) investments, a key determinant of corporate long-term...
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The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia
We investigate how a firm’s decision to hold excessive cash or to overinvest could influence its dividend payout policy in Indonesia. Additionally,...
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CFO overconfidence and conditional accounting conservatism
This study investigates the association between Chief Financial Officers (CFOs) overconfidence and conditional accounting conservatism. Relying on...
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The Valuation of Artificial Intelligence-Driven Know-How and Patents
The know-how (to do it) and trade (industrial) secrets are proprietary information or knowledge that assists or improve a commercial activity, but...
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From boots to suits: do military directors protect shareholders’ wealth?
This paper explores the influence of military directors in protecting shareholders’ wealth through CEO compensation and corporate dividend payout...
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General Principles of Valuation
General principles of firm valuation are based on the key parameters that preside over the value of a firm. Balance sheet-based items, starting from...
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Does risk management moderate the relationship between CEO power and corporate philanthropy?
By integrating upper echelons, agency, and stakeholder theories, we examine the relationship between CEO power and charitable cash donations....
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The Valuation of Special Purpose Vehicles in Project Finance Infrastructural Investments
Project finance (PF) investments have consistently grown in the last years, especially if they concern infrastructural Public–Private Partnerships...