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Do core and non-core cash flows from operations persist differentially in predicting future cash flows?
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Do core and non-core cash flows from operations persist differentially in predicting future cash flows? (2007)Do core and non-core cash flows from oper…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Estimating Standard Errors in…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2006)Estimating Standard Errors in…Costs of Equity and Earnings Attributes (2004)Costs of Equity and Earnings …Earnings Management: New Evidence Based on Deferred Tax Expense (2003)Earnings Management: New Evid…An empirical analysis of analysts’ cash flow forecasts (2003)An empirical analysis of anal…The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors (2002)The Quality of Accruals and E…Errors in Estimating Accruals: Implications for Empirical Research (2002)Errors in Estimating Accruals…Accounting Conservatism, the Quality of Earnings, and Stock Returns (2002)Accounting Conservatism, the …Accruals and the Prediction of Future Cash Flows (2001)Accruals and the Prediction o…The relation between earnings and cash flows (1998)The relation between earnings…A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation* (1998)A Comparison of Dividend, Cas…Accounting earnings and cash flows as measures of firm performance (1994)Accounting earnings and cash …Evidence of Earnings Management from the Provision for Bad Debts (1988)Evidence of Earnings Manageme…Financial Reporting: An Accounting Revolution. (1982)Financial Reporting: An Accou…Financial Ratios and the Probabilistic Prediction of Bankruptcy (1980)Financial Ratios and the Prob…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Do tax incentives affect investment quality? (2023)Do tax incentives affect inve…Corporate sustainability, earnings persistence and the association between earnings and future cash flows (2021)Corporate sustainability, ear…The prediction of future cash flows based on operating cash flows, earnings and accruals in the French context (2020)The prediction of future cash…Determinants and economic consequences of cash flow restatements (2018)Determinants and economic con…Fair Value Accounting and Earnings Persistence: Evidence from International Banks (2017)Fair Value Accounting and Ear…Relevance of Goodwill Impairments to Cash Flow Prediction and Forecasting (2015)Relevance of Goodwill Impairm…The Value Relevance of Direct Cash Flows under International Financial Reporting Standards (2013)The Value Relevance of Direct…Further Evidence on the Usefulness of Direct Method Cash Flow Components for Forecasting Future Cash Flows (2013)Further Evidence on the Usefu…A Review of Academic Research on the Reporting of Cash Flows from Operations (2013)A Review of Academic Research…The usefulness of operating cash flow and accrual components in improving the predictive ability of earnings: a re-examination and extension (2012)The usefulness of operating c…To Beat or Not to Beat? The Importance of Analysts’ Cash Flow Forecasts (2011)To Beat or Not to Beat? The I…Direct or Indirect Cash Flow Statements? (2011)Direct or Indirect Cash Flow …Accruals and the prediction of future cash flows (2011)Accruals and the prediction o…Prediction of Operating Cash Flows: Further Evidence from Australia (2010)Prediction of Operating Cash …Cash flow disaggregation and the prediction of future earnings (2009)Cash flow disaggregation and …Unusual operating cash flows and stock returns (2008)Unusual operating cash flows …Financial Ratios As Predictors of Failure (1966)FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY (1968)Conditional logit analysis of qualitative choice behavior (1972)Methodological Issues Related to the Estimation of Financial Distress Prediction Models (1984)The Effect of Audit Quality on Earnings Management* (1998)Forecasting Bankruptcy More Accurately: A Simple Hazard Model (2001)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)The market pricing of accruals quality (2005)How does financial reporting quality relate to investment efficiency? (2009)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Earnings Management During Import Relief Investigations (1991)Capital markets research in accounting (2001)Performance Matched Discretionary Accrual Measures (2001)Accrual reliability, earnings persistence and stock prices (2005)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)Common Errors: How to (and Not to) Control for Unobserved Heterogeneity (2012)Corporate Immunity to the COVID-19 Pandemic (2020)The Cross-Section of Expected Stock Returns (1992)Detecting Earnings Management. (1995)Earnings management and investor protection: an international comparison (2003)The economic implications of corporate financial reporting (2005)A Review of the Earnings Management Literature and Its Implications for Standard Setting (1999)A review of archival auditing research (2014)The pricing of discretionary accruals (1996)Performance matched discretionary accrual measures (2005)Detecting Earnings Management (2012)Innovative efficiency and stock returns (2012)Earnings quality: Evidence from the field (2013)Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence (2007)Robust Inference With Multiway Clustering (2011)Policy Uncertainty and Corporate Investment (2015)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches10,793 cited
  • 1980Financial Ratios and the Probabilistic Prediction of Bankruptcy6,005 cited
  • 2002The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors5,163 cited
  • 1994Accounting earnings and cash flows as measures of firm performance2,584 cited
  • 2006Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches2,559 cited
  • 2004Costs of Equity and Earnings Attributes2,387 cited
  • 2002Errors in Estimating Accruals: Implications for Empirical Research1,683 cited
  • 1998The relation between earnings and cash flows1,552 cited
  • 2002Accounting Conservatism, the Quality of Earnings, and Stock Returns1,163 cited
  • 1982Financial Reporting: An Accounting Revolution.953 cited
  • 2001Accruals and the Prediction of Future Cash Flows925 cited
  • 1988Evidence of Earnings Management from the Provision for Bad Debts920 cited
  • 2003Earnings Management: New Evidence Based on Deferred Tax Expense726 cited
  • 2003An empirical analysis of analysts’ cash flow forecasts464 cited

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  • 1998A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation*438 cited
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    • 2011Direct or Indirect Cash Flow Statements?52 cited
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    • 2009Cash flow disaggregation and the prediction of future earnings46 cited
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    • 2023Do tax incentives affect investment quality?37 cited
    • 2017Fair Value Accounting and Earnings Persistence: Evidence from International Banks36 cited
    • 2008Unusual operating cash flows and stock returns35 cited
    • 2010Prediction of Operating Cash Flows: Further Evidence from Australia34 cited
    • 2021Corporate sustainability, earnings persistence and the association between earnings and future cash flows24 cited
    • 2018Determinants and economic consequences of cash flow restatements21 cited
    • 2020The prediction of future cash flows based on operating cash flows, earnings and accruals in the French context20 cited