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| Author: | Perfect, S. Peterson, D. Peterson, P. |
| Title: | Self-tender offers: the effects of free cash flow, cash flow signalling, and the measurement of Tobin's q |
| Journal: | Journal of Banking and Finance
1995 : SEP, VOL. 19:6, p. 1005-1023 |
| Index terms: | CASH FLOW SHARES SIGNALING |
| Language: | eng |
| Abstract: | In their analysis of self-tender offers, Howe et al. reject the free cash flow hypothesis. The authors expand their analysis in two ways, exploring implications of using long-run measures of Tobin's q as opposed to current q's and incorporating cash flow signalling. They find that acceptance or rejection of the free cash flow hypothesis is sensitive to the measure of q, raising concern over the reliability of results based on different q measures. |
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