This paper estimates the foreign exchange rate exposure of 6,917 U.S. nonfinancial firms on the basis of stock prices and corporate cash flows. The results show that several firms are significantly exposed to at least one of the foreign exchange rates Canadian Dollar, Japanese Yen and Euro, and significant exposures are more frequent at longer horizons. The percentage of firms for which stock p...

A Resource Investment Problem with Discounted Cash Flows is a project scheduling problem in which the availability levels of the resources are considered decision variables and the goal is to find a schedule and resource requirement levels such that the net present value of the project cash flows optimizes. In this paper, we present a genetic algorithm to solve this problem. We explain the elem...

This study has the aim of sizzling, analyzing and operating flow net income on stock returns in 2016-2019 agricultural sector. uses secondary data contained Indonesia Stock Exchange. With sample technique carried out by author, authors obtained a this as many 8 companies from 21 sector, with annual flows to returns, resulting 32 study. The results showed that partially Operating Cash Flow no ef...

Resource investment problem with discounted cash flows RIPDCFs is a class of project scheduling problem. In RIPDCF, the availability levels of the resources are considered decision variables, and the goal is to find a schedule such that the net present value of the project cash flows optimizes. In this paper, we consider a new RIPDCF in which tardiness of project is permitted with defined penal...

Feedback effects from asset prices to firm cash flows have been empirically documented. This finding raises a question for asset pricing: How are asset prices determined if price affects fundamental value, which in turn affects price? In this environment, by buying assets that others are buying, investors ensure high future cash flows for the firm and subsequent high returns for themselves. Hen...

The study develops a model from which an option-adjusted spread approach is utilized for pricing individual mortgage servicing contracts. The pricing model is comprised of a stochastic interest rate process, an exogenous prepayment function and an assumed servicing cost, all of which jointly determines the contract’s future net cash flows and the rate at which to discount these cash flows. Then...

By postulating a simple stochastic process for the firm’s cash flows in which the drift and the variance of the process depend on the investment policy of the firm, we develop a theoretical model, determine the optimal investment policy and, given this policy, calculate the ratio of the current value of the firm and the current cash flow which we call the “cash flow multiplier”. The main contri...

Collateralized Debt Obligations (CDOs) are sophisticated financial products that offer a range of investments, known as tranches, at varying risk levels backed by a collateral pool typically consisting of corporate debt (bonds, loans, default swaps, etc.). The analysis of the risk-return properties of CDO tranches is complicated by the highly nonlinear and time dependent relationship between th...

________________________________________________________________________ Abstract This study examines the sensitivity of equity values of oil producers to changes in the uncertainty of future oil prices. We document that this sensitivity is negatively correlated with a firm's debt ratio and its production costs. These results indicate that companies that are more likely to experience financial ...

We extend Dechow and Dichev’s [2002] model of current accruals quality (CAQ) to consider total accruals quality (TAQ). While the two measures are conceptually similar (both reflect the standard deviation of the residuals from the mapping of accruals into lead and lag cash flows), they differ in terms of the definitions of accruals and cash flows as well as the number of lead and lag cash flow t...