دور التدفقات النقدية و تسويات الاستحقاق في تفسير العوائد السوقية للأسهم

الملخص EN

This study examines the relationship of earnings and operating cash flows with stock returns.

The study concentrates on the role of operating cash flows in explaining fluctuations in stock prices, taking into consideration the measurement window, magnitude of accruals, and the length of the operating cycle of the company.

To examine the study hypotheses, univariate and multivariate regression models are used.

The study sample consists of 111 industrial and service companies, which are listed on Amman Stock Exchange, during the period 1996-2003.

The following results are reached in this study : (1) Earnings are considered the important variable in the capital market, while the role of operating cash flows is weak, because they are influenced by timing and matching problems that cause them to be noisy measures of firm performance, (2) The smaller the absolute magnitude of aggregate accruals, the higher the association between stock returns and operating cash flows, (3) The shorter a firm's operating cycle, the higher the association between stock returns and operating cash flows, and (4) The association of stock returns with operating cash flows improves relative to that of the association of stock returns with earnings as the measurement window is increased.