Lee, Dwight R.; Verbrugge, James A. - In: Journal of Applied Corporate Finance 13 (2000) 3, pp. 35-43
In a widely cited 1986 article in the "American Economic Review", Michael Jensen gave the concept of free cash flow (FCF) a new twist by redefining it as cash flow in excess of that required to fund all projects with positive net present values. Put another way, FCF represents funds available in...