Weighing the evidence on the relation between external corporate financing activities, accruals and stock returns
نویسندگان
چکیده
منابع مشابه
Accruals , cash flows , and aggregate stock returns $
This paper examines whether the firm-level accrual and cash flow effects extend to the aggregate stock market. In sharp contrast to previous firm-level findings, aggregate accruals is a strong positive time series predictor of aggregate stock returns, and cash flows is a negative predictor. In addition, innovations in accruals are negatively contemporaneously correlated with aggregate returns, ...
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ژورنال
عنوان ژورنال: Journal of Accounting and Economics
سال: 2006
ISSN: 0165-4101
DOI: 10.1016/j.jacceco.2006.04.006