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A Corporate Finance Cash Flow model with Float

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  • Rodolfo Apreda

Abstract

In this paper we introduce a Cash Flow Model with Float so as to overcome apparent shortcomings that pervade the Standard Cash Flow Model. We deploy the complex structure the float exhibits and this allows not only for strategic financial decision making but a much more sensible use of sources and applications of expected future cash flows, as well. Furthermore, it provides with a method for building up floats. It is a distinguishing feature in this model that uncovers agency problems and costs. Besides, it gives grounds for a quantitative approach to free cash flows analysis. Prior to introducing the model, however, we derive both the Statement of Cash Flows and the Standard Cash Flow Model so as to weigh up their qualifications against the model with float.

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File URL: http://www.ucema.edu.ar/publicaciones/download/documentos/142.pdf
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Bibliographic Info

Paper provided by Universidad del CEMA in its series CEMA Working Papers: Serie Documentos de Trabajo. with number 142.

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Date of creation: Feb 1999
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Handle: RePEc:cem:doctra:142

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Related research

Keywords: Cash Flow; Float; Corporate Finance; Corporate Governance;

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References

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  1. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
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Cited by:
  1. Rodolfo Apreda, 1999. "Corporate Governance in Argentina - New Developments through 1991-2000," CEMA Working Papers: Serie Documentos de Trabajo. 154, Universidad del CEMA.
  2. Rodolfo Apreda, 2011. "GOVERNANCE RISKS. How to measure them by means of the incremental cash-flow model," CEMA Working Papers: Serie Documentos de Trabajo. 467, Universidad del CEMA.
  3. Rodolfo Apreda, 1999. "The Cash Flow Model with Float: A New Approach to Deal with Valuation and Agency Problems," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 247-279, November.

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