The Impact of Cash Flow Volatility on Systematic Risk 现金流量波动对系统风险的影响.pdfVIP

The Impact of Cash Flow Volatility on Systematic Risk * ** *** Nicos A. Scordis, James Barrese, and Ping Wang Abstract: In a word, where information is costly, volatile cash flows create information acquisition costs that reduce value. Thus, managers act to reduce their firm’s volatility of cash flow in anticipation of higher value for shareholders. However, when managers reduce the firm’s cash flow volatility, they also affect the systematic risk of their firm’s stoc