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| Tekijä: | Baum, C.F. Caglayan, M. Talavera, O. |
| Otsikko: | On the sensitivity of firms' investment to cash flow and uncertainty |
| Lehti: | Oxford Economic Papers
2010 : APR, VOL. 62:2, p. 286-306 |
| Asiasana: | capital investment cash flow uncertainty stock returns companies models |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the analytical and empirical linkages btw. cash flow, uncertainty (henceforth as: unc-y.), and capital investment behaviour (here as: inv-beh.) of the firm. The empirical approach develops measures of own- and market-specific unc-y. from firms' daily stock returns and S&P 500 index returns along with a CAPM-based risk measure. It is found that even in the presence of important firm-specific variables, unc-y. is an important determinant of firms' inv-beh. Depending on the measure of unc-y. used, investment may be stimulated or curtailed by the effects of unc-y. on its own or through its interactions on cash flow. |
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