Cash flow statements have a longstanding history as mandated financial statement disclosures, having replaced funds flow statements. The usefulness of such disclosures with respect to one of the main purposes of financial statements - providing information relevant to the assessment of future...

Unusually high accounting accruals are observable to sophisticated investors, who must then decide whether the accruals represent managerial manipulation of reported earnings or an indication of future firm performance. We hypothesise that both cash and stock dividends contain information useful...

In this paper, we apply a modified one-stage version of the Mishkin (1983) test to companies in the UK stock market in order to investigate the presence or otherwise of the accruals anomaly in UK firms' annual returns. For the period of 1990-2007, we report that there is little evidence of a...