effect between the future information of aggregate accruals and the historical information of aggregate operating cash flow … exert through both consumption and investment paths, and the investment path consistently shows higher predictive power for …

constant growth residual income model. We investigate the joint influence of accruals, growth, and profitability on the ratios …

We investigate the accrual anomaly, conditional on the mandatory adoption of Financial Reporting Standard No. 3 …: Reporting Financial Performance (FRS3) by UK firms. We show that return predictability associated with accruals attributable to … FRS3. In contrary, the predictive ability of accruals attributable to growth for future returns is not substantially …