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A Direct Test of the Free Cash Flow Hypothesis: Evidence from Real Estate Transactions

This paper tests (Jensen The American Economic Review, 76, 323-329 1986 ) free cash flow hypothesis using data on real estate transactions. We find that firms with either higher free cash flow or higher cash reserve pay more fore real estate, which is consistent with the free cash flow... Full description

1st Person: Yongqiang Chu
Additional Persons: Peng Liu
Source: in The journal of real estate finance and economics Vol. 52, No. 4 (2016), p. 543
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Type of Publication: Article
Language: English
Published: 2016
Online: Volltext
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