Cash Flow and Capital Spending: Evidence from Capital Expenditure Announcements
利用资本支出公告数据，检验美国企业依赖经营现金流进行资本支出的两种解释（啄序理论与自由现金流假说），发现公司规模对财务政策选择有重要影响。
Pecking-order and free-cash-flow behavior are two explanations for the reliance of US corporations on cash flow from operations to finance capital expenditures. However, each explanation has different implications for financial management; cash flow hoarding for the former and cash flow payout for the latter. The empirical findings in this article suggest that firm size plays a significant role in determining appropriate financial policy for corporations.