Cash is currently the only form of public money in the euro area. The Eurosystem's cash strategy ensures that cash remains widely available and accepted as a means of payment and store of value. In this context, in 2021 the ECB launched its first survey on the usage of cash among companies,...

This study examined the impact of cash flow, capital account liberalization (CAL) on investment growth of firms from both the direct and indirect channels, using the disaggregated firm-level data of 44 tradable and 31 non-tradable firms for the period of 2006 to 2016. It employed the differenced...

I construct a measure of cash flow duration at the firm level and link it to carbon emissions of the same firm. Firms with higher carbon emissions generate their cash flows in the near term, reflecting that long-term cash flows are relatively more exposed to transitional climate risks. This...

This quantitative research study investigated the relationship between US Central Bank interest rates and free cash flow of US listed shale oil and gas producing companies. The sample is limited to 27 publicly listed companies in the USA with the majority of their revenues obtained from shale...

The valuation of equities remains a challenge both in practice and in theory. The value of an asset must reflect the present value of the future payments that accrue to the holder of the asset. Hence, the key question in equity valuation is how to determine the value today of a sequence of...

Using a novel measure of firms’ expected revenue shortfall at the onset of the pandemic, we study the cross sectional differences in how firms fund cash flow shortfalls. We document a U-shaped pattern, where external capital flows to firms with the largest positive and negative expected cash...

Following several years of study, the Oxford International Tax Group recently proposed a fundamental reform: the traditional corporate income tax would be replaced by taxation of a corporation’s domestic cash flows. One, perhaps surprising, argument for this proposal is that its incidence...

In the present study, the effect of board independence on reporting cash flows of companies listed on the Tehran Stock Exchange has been investigated. The present study is in the group of descriptive-correlational researches in terms of applied purpose and in terms of data collection method....

The empirical international literature on the relationship between firm cash flow volatility and debt maturity and zero-debt policy provides contradictory evidence. Using a large international sample, we find that cash flow volatility is positively associated with our measure of debt maturity at...

Existing stochastic discount factor methods for the valuation of private equity funds result in unrealistic time discounting. We propose and evaluate a modified method. Valuation has a risk neutral component plus a risk adjustment, and we fix the risk-neutral component by constraining the...