Narayan, Paresh Kumar; Westerlund, Joakim - In: International Review of Financial Analysis 35 (2014) C, pp. 230-236
In this paper, we propose the hypothesis that cash flow and cash flow volatility predict returns. We categorize firms …. While we find strong evidence that cash flow volatility predicts returns for all sectors, the evidence obtained when using … cash flow as a predictor is relatively weak. Estimated profits and utility gains also suggest that it is cash flow …