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Incremental Information Content Of Cash Flows
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Book Synopsis Life-Cycle Stage Effects on the Incremental Information Content of Earnings and Cash Flows by : Ervin L. Black
Download or read book Life-Cycle Stage Effects on the Incremental Information Content of Earnings and Cash Flows written by Ervin L. Black and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous studies cross-sectionally pooled heterogeneous firms to examine the information content of earnings and cash flow measures. This study extends prior research; and is the first to examine the corporate life-cycle effects on the informativeness of earnings (NI), operating cash flows (CFO), financing cash flows (CFF), and investing cash flows (CFI). The life-cycle concept is an appealing economic context which allows for a relatively more homogenous study of these information content relationships. It is a concept used frequently in academic research and the financial press, because it captures a set of financial characteristics and strategies for firms in a particular life-cycle stage. This study examines both the informativeness of earnings and cash flow measures in each of four life-cycle stages: Start- up, Growth, Mature, and Decline. Hypotheses are developed predicting that earnings and operating cash flows contain incremental information content in life-cycle stages when a firm's assets in place are a major component of firm value. Financing cash flows and investing cash flows are expected to be incrementally informative during stages characterized by growth or uncertainty. The results are consistent with the hypothesis that neither NI, nor CFO are incrementally informative in the start-up stage, characterized by few assets in place. When there are relatively more assets in place in the growth, mature, and decline stages; however, the results support the hypothesis that NI and CFO contain incremental information. Hypotheses regarding CFF and CFI are generally supported. Results support the incremental informativeness of CFF in the growth, mature, and decline stages; but not in the start-up stage. CFI is informative in all life-cycle stages. These results provide support for the usefulness of the cash flow statement required by FAS 95.
Book Synopsis Additional Evidence on the Incremental Information Content of Cash Flows and Accruals by : Ray J. Pfeiffer
Download or read book Additional Evidence on the Incremental Information Content of Cash Flows and Accruals written by Ray J. Pfeiffer and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study evaluates the relation between security returns and funds-based earnings components. We document that proxies for market expectations of the components that are based on measures of historical serial- and cross-dependencies are substantially more accurate than random-walk proxies. Moreover, we detect significantly higher valuations of the operating cash flow component of earnings, relative to current accruals when market expectations are represented using the dependency-based predictions. Such differential valuation is not detectable for random-walk representations. Contrary to results in Ali (1994), we find incremental information in unexpected cash flows over the whole spectrum (moderate and extreme) of unexpected cash flow realizations.
Author :John Douglas Hanna Publisher :Ann Arbor, Mich. : University Microfilms International ISBN 13 : Total Pages :268 pages Book Rating :4.E/5 ( download)
Book Synopsis A Further Examination of the Incremental Information Content of Cash-flow Announcements by : John Douglas Hanna
Download or read book A Further Examination of the Incremental Information Content of Cash-flow Announcements written by John Douglas Hanna and published by Ann Arbor, Mich. : University Microfilms International. This book was released on 1991 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Incremental Information Content of Accruals and Cash Flows After Controlling for Earnings by : Gordon Peter Wilson
Download or read book The Incremental Information Content of Accruals and Cash Flows After Controlling for Earnings written by Gordon Peter Wilson and published by . This book was released on 1986 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Incremental Information Content of Earnings by : Ashiq Ali
Download or read book The Incremental Information Content of Earnings written by Ashiq Ali and published by . This book was released on 1992 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Incremental Information Content of Cash Flows by : Cynthia Wilson
Download or read book Incremental Information Content of Cash Flows written by Cynthia Wilson and published by . This book was released on 1993 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Incremental Information Content of Cash Flow Variables by : Moon Kyum Kim
Download or read book Incremental Information Content of Cash Flow Variables written by Moon Kyum Kim and published by . This book was released on 1991 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates whether alternative cash flow measures have an incremental information content over accounting measure. This study employes the arbitrage argument to establish an economic model which makes it possible to incorporate raw accounting variables into a return generating process. Based on the economic model, a new methodology, the spanning portfolio approach is used to extract the information contained in the accounting measures of cash flow. This issue is first examined by testing for an association between actual security returns and spanning returns of alternative cash flow measures. Secondly, the issue is analyzed in the context of explaining market risk. The results indicate that both cash flow and accrual accounting earnings have incremental information content relative to each other in explaining the actual security returns. Also, the results reveal that, in explaining market risk, only cash flow has information consistent with that contained in market risk measure (market beta) and provides significant incremental information over that provided by earnings. These findings imply that the accrual adjustment process in accounting may not be valuable at least for assessing the company's systematic risk.
Book Synopsis The Incremental Information Content of Accrual Versus Cash Flows in New Zealand by : Alister Lyall Hunt
Download or read book The Incremental Information Content of Accrual Versus Cash Flows in New Zealand written by Alister Lyall Hunt and published by . This book was released on 1990 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Determinants of Incremental Information Content of Cash Flows Beyond Earnings by :
Download or read book Determinants of Incremental Information Content of Cash Flows Beyond Earnings written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Cash Flow Reporting (RLE Accounting) by : Thomas A. Lee
Download or read book Cash Flow Reporting (RLE Accounting) written by Thomas A. Lee and published by Routledge. This book was released on 2014-02-05 with total page 579 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection explores Kuhn’s 1970 perception of a scientific revolution in the form of a cyclical sequence of anomaly recognition; insecurity, alternative ideas, schools of thought and dominating practices. Cash flow reporting has become a dominant accounting practice which emerged from a developmental process of Kuhnian form. The text is constructed around the various stages identified by Kuhn and selected readings are categorised accordingly.
Book Synopsis The Information Content of Cash-flow Measures in Dividend Policy by : Robert P. Crum
Download or read book The Information Content of Cash-flow Measures in Dividend Policy written by Robert P. Crum and published by . This book was released on 1987 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Incremental Information Content of Cash Flow from Operations-an Exploratory Study of Intertemporal and Firm-specific Effects by : Michael Ofosu Mensah
Download or read book The Incremental Information Content of Cash Flow from Operations-an Exploratory Study of Intertemporal and Firm-specific Effects written by Michael Ofosu Mensah and published by . This book was released on 1990 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Informativeness and Predictability of Earnings and Cash Flows by : Zhemin Wang
Download or read book Informativeness and Predictability of Earnings and Cash Flows written by Zhemin Wang and published by . This book was released on 1991 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Incremental Information Content of Cash Flows and the Ability of Accrual Versus Cash Flows to Predict Future Cash Flows by : Dyna Seng
Download or read book The Incremental Information Content of Cash Flows and the Ability of Accrual Versus Cash Flows to Predict Future Cash Flows written by Dyna Seng and published by . This book was released on 1995 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Incremental Information Content of Earnings, Funds Flow and Cash Flow by : Ashiq Ali
Download or read book The Incremental Information Content of Earnings, Funds Flow and Cash Flow written by Ashiq Ali and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the incremental information content of three accounting performance measures for U.K. firms: earnings, funds flow and cash flow. Based on tests of association using the most general specifications suggested by the recent literature incorporating time-varying parameters and a non-linearity in response coefficients, a pattern of consistent results emerges. All three performance measures have explanatory power for returns individually and the response coefficients on their unexpected components are positive. The results further show that earnings, funds flow and cash flow all have incremental information content.However, the response coefficients on the unexpected components are consistently positive across years only for earnings and funds flow.
Book Synopsis The Incremental Information Content of Cash Flow from Operations Versus Earnings--Singapore Evidence by : Teck Kiang Tan
Download or read book The Incremental Information Content of Cash Flow from Operations Versus Earnings--Singapore Evidence written by Teck Kiang Tan and published by . This book was released on 1990 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Incremental Information Content of Working Capital from Operations, and Cash Flow by : Ashiq Ali
Download or read book The Incremental Information Content of Working Capital from Operations, and Cash Flow written by Ashiq Ali and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
