THE RELATIONSHIP BETWEEN FREE CASH FLOWS OF FIRMS (FCFF) AND FREE CASH FLOWS OF EQUITIES (FCFE) AND THE MARKET VALUE (TEHRAN STOCK EXCHANGE LISTING COMPANIES)

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MORADZADEHFARD M.; GHEYTASI R.; MOSAJED MOUSAVI M.S.

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Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2010 | Volume:3 | Issue:7 Page(s): 1-18

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Title

THE RELATIONSHIP BETWEEN FREE CASH FLOWS OF FIRMS (FCFF) AND FREE CASH FLOWS OF EQUITIES (FCFE) AND THE MARKET VALUE (TEHRAN STOCK EXCHANGE LISTING COMPANIES)

Author(s)

MORADZADEHFARD M. | GHEYTASI R. | MOSAJED MOUSAVI M.S. | Issue Writer Certificate

Keywords

FREE CASH FLOWS OF FIRMQ4

FREE CASH FLOWS OF EQUITYQ4

STOCK PRICEQ4

Abstract

An important concept in the cash flow statement is free cash flow which is a criterion for measuring the firms` performances. There are two approaches about the free cash flows. FREE CASH FLOWS OF FIRMs (FCFF) and FREE CASH FLOWS OF EQUITY (FCFE). In this study, we mean to investigate the effect of the information in cash flows statements on STOCK PRICEs by the combination of FCFF and FCFE. The statistical universe is all the Non-financial companies listed in TSE with the fiscal year ending to 19 March from 1383-1387.the results show that there is no significant relationship between the FREE CASH FLOWS OF FIRMs and the STOCK PRICEs of these companies in 5% error level and this result is the same for the other industries. Only there is a significant relationship with 38% correlation coefficient in the Non-metal minerals industries. Also there is a significant relationship with 44% correlation coefficient in the level of 5% error between the FCFE and the STOCK PRICE among the firms. These conclusions only approved in the automotive and manufacturing and non-metallic minerals industries.

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APA: Copy

MORADZADEHFARD, M., GHEYTASI, R., & MOSAJED MOUSAVI, M.S.. (2010). THE RELATIONSHIP BETWEEN FREE CASH FLOWS OF FIRMS (FCFF) AND FREE CASH FLOWS OF EQUITIES (FCFE) AND THE MARKET VALUE (TEHRAN STOCK EXCHANGE LISTING COMPANIES). FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 3(7), 1-18. SID. https://sid.ir/paper/200232/en

Vancouver: Copy

MORADZADEHFARD M., GHEYTASI R., MOSAJED MOUSAVI M.S.. THE RELATIONSHIP BETWEEN FREE CASH FLOWS OF FIRMS (FCFF) AND FREE CASH FLOWS OF EQUITIES (FCFE) AND THE MARKET VALUE (TEHRAN STOCK EXCHANGE LISTING COMPANIES). FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2010;3(7):1-18. Available from: https://sid.ir/paper/200232/en

IEEE: Copy

M. MORADZADEHFARD, R. GHEYTASI, and M.S. MOSAJED MOUSAVI, “THE RELATIONSHIP BETWEEN FREE CASH FLOWS OF FIRMS (FCFF) AND FREE CASH FLOWS OF EQUITIES (FCFE) AND THE MARKET VALUE (TEHRAN STOCK EXCHANGE LISTING COMPANIES),” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 3, no. 7, pp. 1–18, 2010, [Online]. Available: https://sid.ir/paper/200232/en

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