We try to test a value information effect of free cash flow by using related variables alone or in composition. Our study will be a contribution in that it adds to the understanding of the market response to dividend payout and capital expenditures - especially when these financial activities are related with free cash flow. Also, our study chooses an analytic approach which is differentiated from extant literatures mainly depending on event studies. Our test result shows that more free cash flow are linked to lower firm value spread. Corporate activities that diminish free cash flow - for example capital expenditures, dividend payout, use of debt - are linked to higher market value. More growth options are confirmed to be associated with more firm value spread. The interaction terms also exhibit consistency. Asian financial crisis in late 1997 brought about test results somewhat different from pre-crisis periods.