Discussion of “The Differential Persistence of Accruals and Cash Flows for Future Operating Income versus Future Profitability” |
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Authors: | Ilia D. Dichev |
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Affiliation: | (1) University of Michigan Business School, USA |
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Abstract: | Fairfield et al. (2003a, this issue) suggests that the accrual effect in Sloan (1996) is at least partly due to the fact that accruals signify an increase in (less-productive) net operating assets. Thus, the paper is a useful and thought-provoking reminder that accruals have both earnings and balance sheet effects. However, the impact of the empirical results is diminished by the lack of a convincing story that ties and grounds these results to other knowledge in the area. |
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