An Investigation Of The Usefulness Of Cash Flows: The Effect Of Firm Size

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Gary R. Freeman
Margaret Gagne


cash flows, stock prices, SFAS 95, firm size


This paper investigates the association of stock prices and cash flows, using both the traditional cash flow definition and the SFAS 95 definition.  The study finds that the traditional cash flow measure is more highly correlated with stock price changes for large firms than is the SFAS 95 measure and that neither definition of cash flow is significantly correlated with stock price changes for the small firm sample


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