The impact of cash flows and firm size on investment: the international evidence

Article Abstract:

Corporate flexibility and managerial agency considerations determine the responsiveness of a company's investments to its cash flows. Data obtained from six member countries of the Organization for Economic Cooperation and Development (OECD) revealed that the investments of large firm size group, which happens to enjoy greater flexibility, tend to be highly responsive to cash flow. On the other hand, investments belonging to small firm size group tend to be least responsive to cash flow.

Management-Productivity, Research, Investments, Organizational effectiveness, Cash flow, Corporate size

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Stock reaction to dividend savings of convertible preferred calls: free cash flow or price pressure effects?

Article Abstract:

Dividend savings are induced for a firm when calls of in-the-money convertible preferred stock are established. These savings are believed to be negatively related to stock returns at call announcement while the market expects managers to abuse the rise in free cash flow. Results suggest that dividend savings and call size are closely related. While larger calls experience a more negative announcement reaction, they also account for price reversal during the conversion period.

Preferred Stock, Evaluation, Stocks

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Operating performance and stock returns of firms calling convertible preferred stocks

Article Abstract:

A studying analyzing the long run operating performance and stock returns of firms around in the money calls of convertible preferred stock, using Barber and Lyon's methodologies, is presented.

United States, Securities issued, listed, Venture Analysis, Securities, Business enterprises, Company securities

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