19.4. Classical finance theory suggests that firms take projects with positive NPVs regardless of the amount of
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19.4. Classical finance theory suggests that firms take projects with positive NPVs regardless of the amount of cash the firm has available. However, empirical evidence suggests that the amount that firms invest is heavily dependent on their available cash flows. Why might this be?
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Related Book For 
Financial Markets And Corporate Strategy
ISBN: 9780071157612
2nd Edition
Authors: Mark Grinblatt, Sheridan Titman
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