t-Gen PCFao+a (PCPt) + 4 Where PCF is the percentage change in the cash flows of the company at time period t (column 5 in the table), and PCP is the percentage change in the value of the pound at that same time period (column 6 in the table). Assume that the estimate of a is positive and statistically significant. This estimate of a suggests that an appreciation of the pound Hurd's total cash flows