4Black, F. and M. Scholes, 1973, "The Pricing of Options and Corporate Liabilities", Journal of Political Economy, 81 (3), pp. 637 - 654.
5Fang, V. W. , T. H. Noe and S. Tiee, 2009, "Stock Market Liquidity and Firm Value", Journal of Financial Econom- ics, 94(1) : 150 -169.
6Froot, k. , D. Scharfstein, and J. Stein, 1993, "Risk Management : Coordinating Corporate Investment and Financing Policies", Journal of Finance, 48, pp. 1624 - 1658.
7Jayaraman, S. , 2008, "Earnings Volatility, Cash Flow Volatility, and Informed Trading", Journal of Accounting Re- search, 46 (4), pp. 809 - 851.
8Petersen M. A. , 2009, "Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches" , Review of" Financial Studies, 22( 1 ) , pp. 435 -480.
9Rountree, B. , J. P. Weston and G. Allayannis, 2008, "Do Investors Value Smooth Performance?", Journal of Finan- cial Economics, 90, pp. 237 -251.
10Shin, H. and R. Stulz, 2000, "Firm Value and Growth Opportunities", Ohio State University Working Paper.
