Classification and Market Pricing of the Cash Flows and Accruals on Trading Positions
发现交易头寸的现金流和应计项目具有经营与非经营混合性质，其与股票回报和未来经营现金流的关系介于纯经营与纯非经营成分之间，对投资者理解此类混合项目的定价含义有参考价值。
Despite the classification of the cash flows on trading positions as operating under SFAS No. 102, trading is economically a hybrid operating/non-operating activity. Reflecting this hybrid nature, we hypothesize and find that the change in net trading assets has a less positive association with returns and future CFO than do the pure operating components of cash flows and accruals, and it has a more positive association with returns and future CFO than do the pure non-operating components of cash flows. Our paper is the first to propose and test hypotheses about the valuation implications of such hybrid cash flows and accruals.