Cash flow growth and stock returns
提出并检验了一个模型，将公司预期股票收益与预期自由现金流增长联系起来，发现现金流增长与股票收益正相关，且现金流增长比现金流、利润和股息包含更多信息。
Abstract I extend the financial economic literature by presenting and testing a model that expresses a firm's expected stock return as a function of its expected free cash flow growth. Results suggest that cash flow growth is positively associated with stock returns. Furthermore, additional information is reflected through cash flow growth relative to cash flow, profits, and dividends. Evidence additionally suggests that operating activities explain more than investment activities of the firm. I find that $1 invested in the long–short cash flow growth portfolio grows to $15.30 over the sample period, whereas $1 invested in the stock market grows to $9.85.