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Porträtt av Niclas Andrén. Foto.

Niclas Andrén

Prefekt, Företagsekonomiska institutionen, Universitetslektor

Porträtt av Niclas Andrén. Foto.

Disappearing Investment-Cash Flow Sensitivities: Earnings Have Not Become a Worse Proxy for Cash Flow

Författare

  • Niclas Andrén
  • Håkan Jankensgård

Summary, in Swedish

According to a recent conjecture in the literature, earnings have become a poorer proxy for cash flow from operations over time. We find that since 1988, when cash flow statements started to be consistently reported in Compustat, the cash effectiveness of earnings has actually increased for a large sample of US manufacturing firms. This occurs despite the introduction of fair value accounting and increasing accounting accruals during the last three decades. Also contrary to the conjecture, using more comprehensive measures of cash flow does not restore the investment-cash flow sensitivity, which continues to be around 0.05 in more recent periods.

Avdelning/ar

  • Företagsekonomiska institutionen

Publiceringsår

2017

Språk

Engelska

Dokumenttyp

Konferenspaper, ej i proceeding/ej förlagsutgivet

Ämne

  • Business Administration

Conference name

Financial Management Association Annual Meeting 2018

Conference date

2018-10-10 - 2018-10-13

Conference place

San Diego,

Aktiv

Published