William L. Sartoris, Ned C. Hill, A Generalized Cash Flow Approach to Short-Term Financial Decisions, The Journal of Finance, Vol. 38, No. 2, Papers and Proceedings Forty-First Annual Meeting American Finance Association New York, N.Y. December 28-30, 1982 (May, 1983), pp. 349-360
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Sartoris et al. (1983) studied this question.