Calmès, Christian; Cormier, Denis; Racicot, Francois; … - Départment des sciences administratives, Université … - 2010
Following Zhang (Accounting Review, 2007) we cast firm accruals in terms of short-term investment. Since many studies consider accruals as a smoothed measure of cash flows, we first adopt Zhang specification and augment the standard Jones model with a cash-flow variable. Second, if accruals are...