Hirshleifer, David; Hou, Kewei; Teoh, Siew Hong; Zhang, … - 2004 - [Elektronische Ressource]
profitability of investment.
If investors have limited attention and fail to discount for the unsustainability of
earnings growth … operating assets as follows. Since free cash flow is the
difference between cash flow from operations and investment, we obtain …), and (Investment −Depreciation). Thus, firms with high net
operating assets have high cumulative deviation between …