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The free cash flow theory of takeovers: a financial perspective on mergers and
Content: Author(s): Michael C. Jensen Abstract: No abstract available
free-cash-flow
Content: Discounted cash-flow methods use different implicit cash-definitions. Under the banner ¨cash = king¨ this leads to convincing but entirely different valuation results. This might be applied dependent upon where and when. We illustrate this hereunder(1
Theory of free cash flow
Content: When companies report their earnings, these earnings are reported on an "accrual" basis according to generally accepted accounting principles (GAAP). These earnings usually are not based on cash receipts. For example, a company may make a sale in December...
Microsoft Word - Free Cash Flow [application/pdf]
Content: AGENCY COSTS OF FREE CASH FLOW, CORPORATE FINANCE, AND TAKEOVERS Michael C. Jensen Harvard Business School mjensen@hbs.edu Abstract The interests and incentives of managers and shareholders conflict over such issues as the optimal size of the firm...
F:\Research\Cash and Takeovers\cash052400-forpdf.PDF [application/pdf]
Content: THE MARKET FOR CORPORATE CONTROL AND CORPORATE CASH HOLDINGS Lee Pinkowitz* Pinkowitz@msb.edu Georgetown University G-04 Old North Washington, DC 20057 Phone: (202) 687-2689 Fax: (202) 687-4031 Abstract Conventional wisdom asserts that firms with...
Global-Investor Bookshop : Excess Cash Flow, by Rahul Dhumale
Content: Global-Investor Bookshop, Excess Cash Flow, by Rahul Dhumale
There is much evidence in the fincanial literature that cash flow and investment are [application/msword]
Content: Large cash balances provide firms flexibility in investment decisions while shielding them from capital market discipline imposed when issuing securities. This reduced market supervision leads agency theory to predict that cash-rich firms will overinvest...
Repurchase Announcements: A Test of the Free Cash Flow Hypothesis [application/pdf]
Content: Stock Repurchases: A Test of the Free Cash Flow Hypothesis* Scott Richardson University of Pennsylvania Wharton School 2424 Steinberg Hall – Dietrich Hall Philadelphia, PA 19104-6365 Phone (215) 898-2063 Fax (215) 573-2054 Email scottric...
Pension Plan Contributions, Free Cash Flows and Financial Slack [application/msword]
Content: The agency theory literature suggests that conflicts of interest between management and shareholders and/or information asymmetries can lead managers to hoard excess free cash flows. This study examines whether pension plans are used by managers to build...
free-cash-flow Germany
Content: Discounted cash-flow methods use different implicit cash-definitions. Under the banner ¨cash = king¨ this leads to convincing but entirely different valuation results. This might be applied dependent upon where and when. We illustrate this hereunder(1
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