While many studies have examined the relationship between investment in intangibles assets and performance in large corporations, current research is lacking in regard to intangible investments in small and medium enterprises (SMEs). This study looks at SMEs in which intangible investments would...

This study reconciles the findings in recent studies regarding the disappearing accruals anomaly and the sustained cash flows anomaly. We attribute the contrasting results to the firms having both highly negative accruals and cash flows. They exhibit highly negative future stock returns although...