Hirshleifer, David; Hou, Kewei; Teoh, Siew Hong - Volkswirtschaftliche Fakultät, … - 2007
Past research has shown that the level of operating accruals is a negative cross-sectional predictor of stock returns …-sectional findings, there is no indication that aggregate operating accruals is a negative time series predictor of stock market returns … addition, innovations in accruals are negatively contemporaneously associated with market returns, suggesting that changes in …