Thomas Stober

Tom Rietz1
Diane Docking1
1Tom Rietz
1Diane Docking
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When investors fixate on current earnings, they commit a cognitive error and fail to fully value the information contained in accruals and cash flows. Extending the accrual anomaly documented by Sloan [1996], we identify significant excess returns from a cash flow-based trading strategy. The market consistently underestimates the transitory nature of(More)
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