Do Accruals Drive Firm-Level Stock Returns? A Variance Decomposition Analysis
This paper extends the variance decomposition framework of Campbell [1991], Campbell and Ammer [1993], and Vuolteenaho [2002] to address the relative value relevance of accrual news, cash flow news, and expected-return news in driving firm-level equity returns. The extension is based on the Feltham-...
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| Main Authors: | , |
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| 格式: | text |
| 語言: | English |
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Institutional Knowledge at Singapore Management University
2004
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| 在線閱讀: | https://ink.library.smu.edu.sg/soa_research/809 http://dx.doi.org/10.1111/j.1475-679X.2004.t01-1-00140.x |
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