Understanding Cash Flow Risk
SSRN, ISSN: 1556-5068
2017
- 8Citations
- 4,501Usage
- 9Captures
- 1Mentions
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
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Most Recent News
New publication for Prof. Morellec in the Review of Financial Studies
The paper “Understanding Cash Flow Risk”, coauthored with Sebastian Gryglewicz, Loriano Mancini, Enrique Schroth, and Philip Valta, has been accepted for publication in the Review
Article Description
Theory has recently shown that corporate policies should depend on the exposure of firms to short- and long-lived cash flow shocks and the correlation between these shocks. We provide granular estimates of these parameters for Compustat firms using a new filter that uses only cash flow data and the theoretical restrictions imposed by a canonical cash flow model. As predicted by theory, we find that the estimated parameters have first-order effects on liquidity and financing choices, that firms with a higher estimated correlation between shocks implement riskier policies, and that the sign of this correlation determines the cash flow sensitivity of cash.
Bibliographic Details
http://www.scopus.com/inward/record.url?partnerID=HzOxMe3b&scp=85116291072&origin=inward; http://dx.doi.org/10.2139/ssrn.2992202; https://www.ssrn.com/abstract=2992202; https://dx.doi.org/10.2139/ssrn.2992202; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2992202; https://ssrn.com/abstract=2992202
Elsevier BV
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