The relation between earnings and cash flows
构建了一个包含随机销售、可变与固定成本以及应收应付和存货应计项目的模型，发现盈利比当前经营现金流更能预测未来经营现金流，且差异随经营现金周期变化。基于1337家美国公司1963-1992年的数据验证了模型预测。
A model of earnings, cash flows and accruals is developed assuming a random walk sales process, variable and fixed costs, and that the only accruals are accounts receivable and payable, and inventory. The model implies earnings better predict future operating cash flows than current operating cash flows and the difference varies with the operating cash cycle. Also, the model is used to predict serial and cross-correlations of each firm's series. The implications and predictions are tested on a 1337 firm sample over 1963–1992. Both earnings and cash flow forecast implications and correlation predictions are generally consistent with the data.