THE INCREMENTAL INFORMATION CONTENT OF EARNINGS, FUNDS FLOW AND CASH FLOW: THE UK EVIDENCE
研究英国公司盈利、资金流量和现金流量三种会计指标对股票回报的增量解释力，发现三者均有增量信息，但只有盈利和资金流量的意外成分系数持续为正。
This paper investigates the incremental information content of three accounting performance measures for U.K. firms: earnings, funds flow and cash flow. Based on tests of association using the most general specifications suggested by the recent literature incorporating time-varying parameters and a non-linearity in response coefficients, a pattern of consistent results emerges. All three performance measures have explanatory power for returns individually and the response coefficients on their unexpected components are positive. The results further show that earnings, funds flow and cash flow all have incremental information content.However, the response coefficients on the unexpected components are consistently positive across years only for earnings and funds flow.