exploration activities. The implication is that two otherwise identical companies can report substantially different earnings … to evaluate oil company financial performance since cash flows are less affected by managers’ discretion than earnings … are. In this study, we investigate the relevance to investors of earnings versus cash flow for oil and gas companies. Our …

We examine why, as a summary statistic, earnings is better than cash flows at explaining contemporaneous returns … despite being a worse predictor of future operating cash flows. Several studies compare the ability of earnings and operating … cash flows. Although past results are mixed, recent studies suggest earnings are a better summary predictor of returns …

’s market value and earnings. Prior literature shows that R&D expenses have a positive impact on a firm’s market performance, as … well as a positive impact on a firm’s earnings. The goal of this paper is not only to test the relation between R …&D expenses and earnings and between R&D expenditures and market value, but also to prove that this relation changes as time …