The Internet Appendix provides additional results on cash-flow durations, dividend shares, dynamic properties of buy-and-hold vs. rebalanced portfolios, additional robustness checks, and preliminary analysis on the growth premium.The paper "Do Cash Flows of Growth Stocks Really Grow Faster?" may...

Contrary to conventional wisdom, growth stocks (low book-to-market stocks) do not have substantially higher future cash-flow growth rates than value stocks, in both rebalanced and buy-and-hold portfolios. The efficiency growth, survivorship and look-back biases, and rebalancing effect help...