The Mispricing of Cash Flows and Accruals at Different Life‐Cycle Stages
研究了企业不同生命周期阶段中，应计项目与自由现金流的错误定价关系，发现成熟期和衰退期两者高度负相关且现金流异象覆盖应计异象，而成长期则不同。
Abstract This paper employs the firm life‐cycle concept to extend our understanding of the mispricing of accrual and cash flow information by the stock market. We find that accruals and free cash flows are strongly (negatively) correlated in the maturity and decline stages of a firm's life cycle but not in the growth stage, suggesting that they capture unique information in the growth stage of the firm's life cycle but more correlated information in the later stages. Consistent with this finding, we show that the cash flows anomaly subsumes the accruals anomaly in maturity and decline stages, but not in the growth stage. Our findings contribute to the debate regarding the overlap between the two anomalies.