Accruals and Cash Flows Anomalies: evidence from the New Zealand Stock Market
This paper investigates the presence of accruals and cash flows anomalies in the New Zealand stock market for the period of 1987 to 2003. There is insignificant evidence of accruals anomaly. We find, however, that the poor performance of the highest accruals firms contributes most to the positive he...
AUT Faculty of Business,