{"title":"Accruals, cash flows and stock returns: evidence from BIST 100","authors":"Emine Kaya","doi":"10.1080/17520843.2021.1983702","DOIUrl":null,"url":null,"abstract":"ABSTRACT The purpose of this study is to determine whether there is a relationship between the accruals, cash flows and stock returns for firms which trade in the BIST 100 index between 2005 and 2017 years. Findings prove that the persistence of the earning is high, and the persistence of cash flows is higher than the persistence of accruals. We find that accruals are negative predictors and cash flows are positive predictors for stock returns. In addition, simultaneously, we conclude that the discount rates and the change in the accruals and cash flows act together.","PeriodicalId":42943,"journal":{"name":"Macroeconomics and Finance in Emerging Market Economies","volume":null,"pages":null},"PeriodicalIF":1.1000,"publicationDate":"2021-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Macroeconomics and Finance in Emerging Market Economies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/17520843.2021.1983702","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
ABSTRACT The purpose of this study is to determine whether there is a relationship between the accruals, cash flows and stock returns for firms which trade in the BIST 100 index between 2005 and 2017 years. Findings prove that the persistence of the earning is high, and the persistence of cash flows is higher than the persistence of accruals. We find that accruals are negative predictors and cash flows are positive predictors for stock returns. In addition, simultaneously, we conclude that the discount rates and the change in the accruals and cash flows act together.
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