... Licensed re-use rights only Reproduction Replication Reanalysis Investment irreversibility Complex systems Scientific modeling E01 E22 E44 G12 G31 Initiated by Arrow (1968) , a prominent theoretical literature on costly reversibility has long been established in the real options...

... to produce the results presented in this work are available upon request. All errors are our own. © 2024 Heitor Almeida et al. 2024 Heitor Almeida et al. Licensed re-use rights only Cash flow sensitivity of cash Financial constraints Cash policy Liquidity G31 G32 D23 D92...

... Licensed re-use rights only Corporate propensity to dissave Negative cash flow Disinvestment inertia Cash flow identity q measurement error D25 G31 G32 Following Gatchev et al. (2010) and Chang et al. (2014), we build upon the following cash flow...

... G23 G31 The U.S. Securities and Exchange Comission (2020) provides an overview of hedge fund leverage; in 2018 Q1, the net asset value of “qualified hedge funds” [which are large funds disclosing their net asset value and borrowing to the SEC] was $3,106 billion. These hedge funds borrowed...

... propensity to save/dissave External finance constraints Cash flow uncertainty Financial development q measurement error G15 G31 Prior literature offers contrasting conclusions regarding firms’ propensity to save/disburse funds out of cash flow. Almeida et al. (2004) show...

... parts to the questionnaire. The first part asks a series of background and personal questions that relate to the purpose of valuation, educational level achieved, experience, gender, regional focus, and so on. Full details are in the survey questionnaire itself (see Appendix A). G31 G32 G24 G02...

... options Financing policy G31 G32 This paper answers three questions. Question 1: How should the after-tax value of a real option be calculated? Should a before-tax or after-tax risk-free interest rate be used to discount option payoffs? Question 2: What is the debt...

... Research Culture Hard misconduct Soft misconduct Proprietary data Robustness P-hacking Reverse p-hacking Falsification Fabrication Plagiarism G00 G01 G10 G11 G12 G13 G14 G15 G17 G18 G19 G21 G22 G23 G24 G28 G29 G31 G32 G33 My role in advocating for data and code...