haku: @author Stulz, R. M. / yhteensä: 23
viite: 10 / 23
| Tekijä: | Lang, L. H. P. Stulz, R. M. Walkling, R. A. |
| Otsikko: | A test of the free cash flow hypothesis. The case of bidder returns. |
| Lehti: | Journal of Financial Economics
1991 : OCT, VOL. 29:2, p. 315-335 |
| Asiasana: | CASH FLOW TENDER OFFERS RETURN ON INVESTMENT REGRESSION ANALYSIS CORPORATE FINANCE |
| Kieli: | eng |
| Tiivistelmä: | A measure of free cash flow is developed , using Tobin's q to distinguish between firms that have good investment oportunities and those that do not. In a sample of successful tender offers, bidder returns are significantly negatively related to cash flow for low q bidders but not for high q bidders; further, the relation between cash flow and bidder returns differs significantly for low q and high q bidders. This result holds for several cash flow measures suggested in the literature and also in multivariate regressions controlling for bidder and contest-specific characteristics. |
SCIMA