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The value of financial flexibility

by Andrea Gamba, Alexander Triantis - Journal of Finance , 2008
"... We develop a model that endogenizes dynamic financing, investment, and cash re-tention/payout policies in order to analyze the effect of financial flexibility on firm value. We show that the value of financing flexibility depends on the costs of external financing, the level of corporate and persona ..."
Abstract - Cited by 38 (0 self) - Add to MetaCart
We develop a model that endogenizes dynamic financing, investment, and cash re-tention/payout policies in order to analyze the effect of financial flexibility on firm value. We show that the value of financing flexibility depends on the costs of external financing, the level of corporate

Stock listing and financial flexibility

by Frederiek Schoubben, Cynthia Van Hulle, K. U. Leuven, K. U. Leuven, Faculty Of , 2010
"... A stock listing usually reflects easy access to external equity financing. Although scant empirical evidence exists on the matter, the literature suggests that the enhanced standing towards creditors – which would result in easier access to debt financing – is an extra advantage of being publicly qu ..."
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quoted. This paper tests whether a stock listing leads to more flexibility of debt financing, using a data set of listed and comparably large unlisted companies. The data reveals that listing mainly increases the flexible use of debt financing. The difference between listed and unlisted firms is most

Financial flexibility and the choice between dividends and stock repurchases

by Murali Jagannathan, Clifford P. Stephens, Michael S. Weisbach - JOURNAL OF FINANCIAL ECONOMICS , 2000
"... This paper measures the growth in open market stock repurchases and the manner in which stock repurchases and dividends are used by U.S. corporations. Stock repurchases and dividends are used at different times from one another, by different kinds of firms. Stock repurchases are very pro-cyclical, w ..."
Abstract - Cited by 152 (0 self) - Add to MetaCart
. Finally, firms repurchase stock following poor stock market performance and increase dividends following good performance. These results are consistent with the view that the flexibility inherent in repurchase programs is one reason why they are sometimes used instead of

Financial Flexibility, Firm Size and Capital Structure∗ by

by Soku Byoun , 2007
"... (Preliminary results. Do not quote without author’s permission. Comments are welcome.) ∗We would like to thank the GAMF. We appreciate the support for this project that was provided by the Hankamer School of Business at Baylor University. Financial Flexibility, Firm Size and Capital Structure We exa ..."
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(Preliminary results. Do not quote without author’s permission. Comments are welcome.) ∗We would like to thank the GAMF. We appreciate the support for this project that was provided by the Hankamer School of Business at Baylor University. Financial Flexibility, Firm Size and Capital Structure We

Leverage Boundaries, Financial Flexibility and Dividends *

by Rene Stulz, Along Session , 2014
"... We derive an e ¢ cient leverage range, and illustrate how the range helps facilitate …nancial exibility and dividend smoothing. The range boundaries originate from discrete jumps in the costs associated with incentive conicts, and evolve with cash ows and investment opportunities in a manner that en ..."
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We derive an e ¢ cient leverage range, and illustrate how the range helps facilitate …nancial exibility and dividend smoothing. The range boundaries originate from discrete jumps in the costs associated with incentive conicts, and evolve with cash ows and investment opportunities in a manner that enables the leverage employed to motivate e ¢ cient investment and compensation choices. Firms with a limited range become …nancially constrained, and face stricter credit terms to mitigate expropriation incentives following poor performance. Our analysis helps explain observed leverage ratios, dividend patterns, and debt composition, and suggests directions for empirical studies.

THE FINANCIAL ACCELERATOR IN A QUANTITATIVE BUSINESS CYCLE FRAMEWORK

by Ben S. Bernanke, Mark Gertler, Simon Gilchrist , 1999
"... ..."
Abstract - Cited by 1587 (30 self) - Add to MetaCart
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INTERACTION OF REAL AND FINANCIAL FLEXIBILITY: AN EMPIRICAL ANALYSIS

by Ossi Lindström, Almas Heshmati , 2004
"... This paper studies the interaction of real and financial flexibility and their effects on firm’s investment and financing decisions. We use a system of interdependent dynamic partial adjustment models to capture the effects of flexibility and feedback from firm-specific adjustments towards the optim ..."
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This paper studies the interaction of real and financial flexibility and their effects on firm’s investment and financing decisions. We use a system of interdependent dynamic partial adjustment models to capture the effects of flexibility and feedback from firm-specific adjustments towards

Human resource bundles and manufacturing performance: Organizational logic and flexible production systems in the world auto industry

by Paul Macduffie, John Paul Macduffie - Industrial and Labor Relations Review , 1995
"... you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact inform ..."
Abstract - Cited by 547 (10 self) - Add to MetaCart
you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at.

The theory and practice of corporate finance: Evidence from the field

by John R. Graham, Campbell R. Harvey - Journal of Financial Economics , 2001
"... We survey 392 CFOs about the cost of capital, capital budgeting, and capital structure. Large firms rely heavily on present value techniques and the capital asset pricing model, while small firms are relatively likely to use the payback criterion. We find that a surprising number of firms use their ..."
Abstract - Cited by 680 (20 self) - Add to MetaCart
their firm risk rather than project risk in evaluating new investments. Firms are concerned about maintaining financial flexibility and a good credit rating when issuing debt, and earnings per share dilution and recent stock price appreciation when issuing equity. We find some support for the pecking

Payout Policy, Financial Flexibility, and Agency Costs

by Of Free Cash Flow, Jacob Oded , 2008
"... This paper builds on the agency costs of free cash to explain how firms determine their payout policies. Payout methods considered are dividends and open-market stock repur-chase programs. Dividends eliminate the agency costs of free cash by reducing cash under management (insiders) discretion, but ..."
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through the firm’s informed trade. Because their execution is optional, however, repurchase pro-grams cannot always prevent the waste of free cash. Payout policy is thus determined as a trade-off between eliminating agency problems with dividends and preserving financial flexibility with open
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