The Free Cash Flow Anomaly Revisited: Finnish Evidence
用芬兰公司1992-2002年的财务数据，发现买入自由现金流为正、倍数低且杠杆低的大公司组合能持续跑赢市场指数，表明自由现金流异象在芬兰股市也存在。
Abstract: This paper examines the performance of an investment strategy based on free cash flows using financial statement data of Finnish companies during the period 1992‐2002. The analysis in this paper is motivated by the so‐called free cash flow anomaly previously documented e.g. in Hackel, Livnat and Rai (2000) . Using annual financial statement information, we identify large‐capitalization companies with positive free cash flows, low free cash flow multiples, and low financial leverage. Since a portfolio of these companies is found to consistently outperform the market index, our results suggest that the free cash flow anomaly also exists in the Finnish stock market.