Earnings Permanence and the Incremental Information Content of Cash Flows from Operations
研究当盈利中的暂时性项目较多时，经营活动现金流是否提供更多增量信息，发现盈利持久性越低，现金流的增量信息含量越高。
This paper investigates whether the incremental information content of cash flows from operations increases when earnings are transitory. We suggest that when the valuation implications of earnings are limited by the presence of transitory items, cash flows from operations disclosures may play a larger role as an additional value signal. We measure transitory items using earnings change scaled by beginning-of-period price (Ali [1994]) and the earnings-to-price ratio (Ou and Penman [1989] and Ali and Zarowin [1992]). Our analysis suggests that the incremental information content of accounting earnings decreases, and the incremental information content of cash flows from operations increases, with a decrease in the permanence of earnings.