the usefulness of direct and indirect cash flow disclosures greg clinch（直接和间接的有用性现金流披露格雷格获得）.pdfVIP

The Usefulness of Direct and Indirect Cash Flow Disclosures Greg Clinch Australian Graduate School of Management University of New South Wales Baljit Sidhu Australian Graduate School of Management University of New South Wales Samantha Sin Department of Accounting Finance Macquarie University November 2000 _____________________________ Address all correspondence to Greg Clinch, Australian Graduate School of Management, University of NSW, Sydney NSW, Australia 2052, Tel +612-9931-9363, Fax +612-9662-7621, gregc@agsm.edu.au. We appreciate helpful comments and suggestions by Mary Barth, Keitha Dunstan, SP Kothari, Maureen McNichols (the editor), Terry Shevlin, an anonymous referee, and workshop participants at the 1998 Australian Graduate School of Management Accounting and Finance Research Camp, the 1999 AAA and AAANZ meetings, Griffith University, Macquarie University, University of Melbourne, Monash University, Nanyang Technological University (Singapore), University of Queensland, Queensland University of Technology, University of Tasmania, University of Technology, Sydney, and University of Western Australia. We also greatly appreciate the research assistance of Anusha Kangatharan. The Usefulness of Direct and Indirect Cash Flow Disclosures Abstract We investigate the ability of disclosed operating cash flow and indirect accruals components to explain annual returns for a sample of Australian firms. Consistent with claims made by accounting standard setters, we find evidence of significant explanatory power for disclosed operating cash flow components beyon