Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Information Content Of Cash Flow From Operations In The Prediction Of Future Earnings full books in PDF, epub, and Kindle. Read online Information Content Of Cash Flow From Operations In The Prediction Of Future Earnings ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Tong Li
Publisher :
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.:/5 (969 download)
Download or read book Information Content of Cash Flow from Operations in the Prediction of Future Earnings written by Tong Li and published by . This book was released on 1997 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Zhemin Wang
Publisher :
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.:/5 (89 download)
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:
Author : Ali M. Al-Attar
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book The Effect of Contextual Factors on the Information Content of Cash Flows in Explaining Stock Prices - the Case of Amman Stock Exchange written by Ali M. Al-Attar and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article aims to determine which is better earnings or cash flows as performance measure. We follow the more direct approach used in several recent U.S. studies, in which earnings and cash flows are considered as competing variables. Specifically, our methodology is a development of the study of Dechow (1994). We provide a replication of her main analysis, and then extend this to deal with the effect of earnings permanence, earnings growth and firm size on the value relevance of cash flow and earnings. Our study provides an evidence on the relevance of cash flow figures for investors in their investment decision in an emerging stock market. The study covers the case of Amman Stock Exchange (ASE) and employs data on a sample of industrial firms. The time horizon of this study includes the period of 1993-2001. The results of the current study indicate that earnings and cash flows have information content regarding the prediction of future cash flows. Cash flows and earnings separately have a significant association with stock return. The results show that there is no significant difference between the ability of earnings and cash flows in explaining the variation in stock return. Furthermore, as the earnings growth is low and the firm's size is small, the operating cash flow considered better than earnings as performance measure.
Author : Saoussen Boujelben
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Real Earnings Management and the Relevance of Operating Cash Flows written by Saoussen Boujelben and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary focus of this study is to investigate whether the level of earnings management through real activities (REM)affects the value relevance of reported cash flows from operations (CFO), precisely with regard to their ability to predict futureCFOs. Using the data related to CAC all tradable listed French firms during 2008 through 2015, we provide evidence whichsupports the expected decrease in value relevance of reported CFO for future CFOs' prediction in the presence of REM. Ourfinding highlights the fact that if managers decide to manipulate upward earnings through operating activities, they couldadversely affect the information content of CFOs. More precisely, an aggressive deviation from normal activities leads toabnormal levels of the main operating inflows and outflows in an inconsistent way and this deteriorates the value relevanceof cash flows from operations. This contribution is of use for creditors and investors and other key CFO users for predictionpurposes as it urges them to make necessary adjustments when predicting the future ability of an entity to generate cash flows.
Author : Yuqi Zhao
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (129 download)
Download or read book Predicting Future Cash Flow from Operations written by Yuqi Zhao and published by . This book was released on 2007 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates which accounting variable has superior predictive ability for future cash flow: current cash flow from operations, or current earnings. The question is examined in an Australian context for the years 1995 to 2005, on a sample of 350 firms. The question is also examined by industry for the same firms. In most U.S. studies, superior predictions are obtained using current earnings. However, the same result is not expected in Australia, due to the different industrial composition of the economy, and the superiority of cash flow data prepared under Australian accounting standards. Consistent with our expectation, the results indicate that current cash flow from operations has superior predictive ability over current earnings for future cash flow from operations, and also that cash flow from operations has higher incremental information content than current earnings.
Author : Mei Luo
Publisher :
ISBN 13 :
Total Pages : 178 pages
Book Rating : 4.:/5 (34 download)
Download or read book Do Investors Fully Understand the Economic Implications of Cash Flows from Operations? written by Mei Luo and published by . This book was released on 2004 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ray Ball
Publisher : McGraw-Hill Companies
ISBN 13 :
Total Pages : 788 pages
Book Rating : 4.4/5 (91 download)
Download or read book Financial Statement Analysis written by Ray Ball and published by McGraw-Hill Companies. This book was released on 1994 with total page 788 pages. Available in PDF, EPUB and Kindle. Book excerpt: Textbook
Author : David A. Holland
Publisher : John Wiley & Sons
ISBN 13 : 1119440483
Total Pages : 421 pages
Book Rating : 4.1/5 (194 download)
Download or read book Beyond Earnings written by David A. Holland and published by John Wiley & Sons. This book was released on 2017-12-11 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beyond Earnings is targeted at investors, financial professionals, and students who want to improve their ability to analyze financial statements, forecast cash flows, and ultimately value a company. The authors demonstrate that reported earnings are easily gamed by accounting shenanigans and reveal how commonly used profitability measures such as return on equity can be misleading. Because earnings and P/E ratios are too unreliable for valuation, this book takes you beyond earnings and shows you how to apply the HOLT CFROI and Economic Profit framework in a step-by-step manner. A better measure of profitability results in improved capital allocation decisions and fundamental valuations. This ground-breaking book offers the first practical in-depth discussion of how profitability and growth fade, and shows how to put this information to work right away. The authors introduce their trailblazing Fundamental Pricing Model which includes fade as an adjustable value driver and can be used to value the impact of business model disruption. As the authors explain, the key to superior stock picking is understanding the expectations embedded in a stock’s price and having a clear view of whether the company can beat those expectations. The HOLT framework has been rigorously field tested for over 40 years by global investment professionals to help them make better stock picks and by corporate managers to understand the expectations embedded in their stock price. Beyond Earnings is an indispensable guide for investors who want to improve their odds of outperforming the competition.
Author : Timothy Jury
Publisher : John Wiley & Sons
ISBN 13 : 1119968747
Total Pages : 341 pages
Book Rating : 4.1/5 (199 download)
Download or read book Cash Flow Analysis and Forecasting written by Timothy Jury and published by John Wiley & Sons. This book was released on 2012-05-03 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the definitive guide to cash flow statement analysis and forecasting. It takes the reader from an introduction about how cash flows move within a business, through to a detailed review of the contents of a cash flow statement. This is followed by detailed guidance on how to restate cash flows into a template format. The book shows how to use the template to analyse the data from start up, growth, mature and declining companies, and those using US GAAP and IAS reporting. The book includes real world examples from such companies as Black and Decker (US), Fiat (Italy) and Tesco (UK). A section on cash flow forecasting includes full coverage of spreadsheet risk and good practice. Complete with chapters of particular interest to those involved in credit markets as lenders or counter-parties, those running businesses and those in equity investing, this book is the definitive guide to understanding and interpreting cash flow data.
Author : victor l. bernard and thomas l. stober
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.L/5 ( download)
Download or read book the nature and amount of information reflected in cash flows and accruals written by victor l. bernard and thomas l. stober and published by . This book was released on 1989 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrew Fight
Publisher : Elsevier
ISBN 13 : 0080492533
Total Pages : 263 pages
Book Rating : 4.0/5 (84 download)
Download or read book Cash Flow Forecasting written by Andrew Fight and published by Elsevier. This book was released on 2005-10-12 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Budgets are like road maps -- they provide a direction for a corporates financial management. Balance sheets and statements of revenues also provide insights into how well a company is following that direction. But cash flow and cash flow forecasts are what guide the day-to-day itinerary for an organization. Budgets and cash flow are dynamic -- adjustments and changes can and should occur. If you understand what you are looking at, you can use cash flow to create better budgets and thus more accurate cash flow forecasting. Cash Flow Forecasting outlines the techniques required to undertake a detailed analysis of the cash flow dynamics of the business from both a historical and forward looking perspective. Cash Flow Forecasting explains how to: * Determine appropriate cash flow figures from pro forma financial statements * Interpret detailed cash flow forecasts and understand the difference between profit and cash flow * Conserve or generate cash in the short term * Evaluate different methods of project evaluation * Recognize the limitations of accounting information in valuing companies *Inspired by basic entry level training courses that have been developed by major international banks worldwide * Will enable students and those already in the finance profession to gain an understanding of the basic information and principles of cash flow forecasting * Includes questions with answers, study topics, practical "real world" examples and extensive bibliography
Author : Joseph Agana
Publisher :
ISBN 13 :
Total Pages : 6 pages
Book Rating : 4.:/5 (13 download)
Download or read book Comparative Predictive Abilities of Earnings and Operating Cash Flows on Future Cash Flows written by Joseph Agana and published by . This book was released on 2016 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cash flow prediction is an essential component of economic decision making, particularly in investment and credit evaluation. This paper examines the comparative predictive ability of earnings and operating cash flows variables on future operating cash flows within a developing economy's setting. Ordinary Least Squares (OLS) method is used to develop regression models over the period of 2002 to 2012. Current operating cash flows, as proxy for future operating cash flows, are regressed on past one, two and three years of earnings and operating cash flows as predictors. Results from the regression analysis reveals earnings and operating cash flows are significant in predicting future operating cash flows but have different predictive powers with earnings providing a superior comparative predictive ability on future cash flows. The paper therefore concludes that earnings are a better predictor of future operating cash flows than historical operating cash flows itself.
Author : Hugh Coolican
Publisher : Psychology Press
ISBN 13 : 1444170120
Total Pages : 788 pages
Book Rating : 4.4/5 (441 download)
Download or read book Research Methods and Statistics in Psychology written by Hugh Coolican and published by Psychology Press. This book was released on 2017-08-16 with total page 788 pages. Available in PDF, EPUB and Kindle. Book excerpt: This sixth edition of Research Methods and Statistics in Psychology has been fully revised and updated, providing students with the most readable and comprehensive survey of research methods, statistical concepts and procedures in psychology today. Assuming no prior knowledge, this bestselling text takes you through every stage of your research project giving advice on planning and conducting studies, analysing data and writing up reports. The book provides clear coverage of statistical procedures, and includes everything needed from nominal level tests to multi-factorial ANOVA designs, multiple regression and log linear analysis. It features detailed and illustrated SPSS instructions for all these procedures eliminating the need for an extra SPSS textbook. New features in the sixth edition include: "Tricky bits" - in-depth notes on the things that students typically have problems with, including common misunderstandings and likely mistakes. Improved coverage of qualitative methods and analysis, plus updates to Grounded Theory, Interpretive Phenomenological Analysis and Discourse Analysis. A full and recently published journal article using Thematic Analysis, illustrating how articles appear in print. Discussion of contemporary issues and debates, including recent coverage of journals’ reluctance to publish replication of studies. Fully updated online links, offering even more information and useful resources, especially for statistics. Each chapter contains a glossary, key terms and newly integrated exercises, ensuring that key concepts are understood. A companion website (www.routledge.com/cw/coolican) provides additional exercises, revision flash cards, links to further reading and data for use with SPSS.
Author : Francois Brochet
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Role of Accruals in Predicting Future Cash Flows and Stock Returns written by Francois Brochet and published by . This book was released on 2009 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: We revisit the role of the cash and accrual components of accounting earnings in predicting future cash flows using out-of-sample predictions, firm-specific regression estimates, and different levels of aggregation of the dependent variable, with market value of equity as a proxy for all future cash flows. We find that, on average, accruals improve upon current cash flow from operations in predicting future cash flows. As accruals' contribution to the prediction of future cash flows varies significantly across firm-quarters, we proceed to investigating determinants of accruals' predictive ability for future cash flows. We find that positive accruals are more likely to improve upon current cash flow in predicting future cash flows. Accruals' contribution is also increasing in cash flow volatility and decreasing in the magnitude of discretionary accruals and of special items. Finally, portfolios formed on stock return predictions using information from current CFO and accruals yield significantly positive returns on average, as opposed to CFO alone. Hence, investors using predictions based on current accounting data to pick stocks are better off taking accruals into account. We also find that Sloan's (1996) accrual anomaly is related to our accrual contribution anomaly. Indeed, when accruals' contribution to future cash flow prediction is the highest, the accrual anomaly vanishes.
Author : Steven F. Orpurt
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Do Direct Cash Flow Disclosures Help Predict Future Operating Cash Flows and Earnings? written by Steven F. Orpurt and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Motivated by recent FASB, IASB, and CFA Institute comments, we explore the predictive value of direct method cash flow disclosures. A primary stated purpose of the direct method is to better forecast future performance. To examine this purpose, we first document that direct method line items such as cash received from customers are not reliably estimable using income statements and either balance sheets or indirect method statements of cash flows. When these estimation (articulation) errors are included in cash flows and earnings forecasting models, forecasting performance significantly improves. In addition, employing a FERC (future ERC) methodology, we find evidence suggesting that market participants utilize direct method disclosures for their stated purpose: to better forecast future operating performance. After conducting several tests for self-selection concerns, we conclude that the direct method is valuable to investors when forecasting future cash flows and earnings.
Author : Robert F. Sharp
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (31 download)
Download or read book Testing the Cash-flow Relevance of Three Concepts of Profit written by Robert F. Sharp and published by . This book was released on 1980 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Percy Gumbi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (956 download)
Download or read book Predictive Ability of Current Earnings and Cash Flows written by Percy Gumbi and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This research investigated the ability of current earnings and cash flows to predict future cash flows and future share prices. The investigation was conducted used financial information of JSE listed companies over a period between 2001 and 2011. The objectives of the research were to establish the predictive ability of current earnings and cash flows on future cash flows and share prices. This study was motivated by the findings of Kim and Kross (2005) where they consolidated the earlier findings by Collins et al. (1997) and Dechow et al. (1998). It was predetermined that the study would add to the body of knowledge in financial statements analysis and the application of earnings and cash flows as the predictive financial variables, Earnings are regarded as an essential measure of company of company's performance and cash flows from operations as a measure of the company's ability to generate cash flows from their operations. It was noted that investors do study and analyse these financial elements when investment decisions are made (Higgins, 2009: De Fond and Hung, 2003). It was found that earnings did not have the predictive ability on future cash flows but proved to possess high predictive power over future share prices. The results were not in agreement with the previous studied on the same subject. The average of R-square on current earnings ability to predict future cash flows were R2=0.27 and 0.38 in the long run and short run, respectively. The predictive ability on future share prices were R2=0.44 and 0.54 in the long and short run, respectively. Current cash flows on the hand indicated low predictive ability on future share price where the average R2=0.24 and 0.33 in the long and short run respectively. The predictive ability on current cash flows over future cash flows proved to be higher, which was not consistent with the previous researchers. The average R2 were 0.44 and 0.46 in the long and short run. It was noted that these financial elements proved to possess higher predictive abilities in the short run.
