Cash-flow sensitivities and the allocation of internal cash flow

• Main Authors: Chang, Xin, Dasgupta, Sudipto, Wong, George, Yao, Jiaquan
• 其他作者: Nanyang Business School
• 格式: Article
• 語言: English
• 出版: 2015
• 主題: DRNTU::Business::Finance::Money
• 在線閱讀: https://hdl.handle.net/10356/107039; http://hdl.handle.net/10220/25323

We study how firms allocate cash flow by estimating the cash-flow sensitivities of various uses of cash flow. We decompose cash flow into a transitory and a permanent component and focus on the allocation of the transitory component, which by construction contains little information about future gro...