We survey and interview Chief Financial Officers (CFOs) of French firms in 2009 about the impact of the global financial crisis and their firms' financial flexibility levels before and during the crisis. Over two-thirds of CFOs report a strong impact of the crisis and cite liquidity problems,...

In this paper, we examine several cross-listing theories employing a sample of over 250 European ADRs representing 19 countries during the 1970-2002 period. We find that, first, though both Level II and III listings underperform over the three years subsequent to the US listing, the determinants...

Purpose – The purpose of this study is to gain some insights into how managers perceive and achieve financial flexibility and its value in coping with the 2008 global financial crisis. The study focuses on the following questions: What are the sources and measures of financial flexibility? Do...