Valor de la Empresa & Flujo de Caja Libre

Lectura Académica

Cash flow is king: Cognitive errors by investors by Todd Houge & Tim Loughran

Publicado en el Journal of Psychology and Financial Markets (Vol 1, nr. 3&4, 2000, p.161-175)

“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 accruals and the long-term persistence of cash flows. We find that the accrual anomaly derives from the poor performance of high accrual firms, which are more likely to manage earnings. Combining the accrual and cash flow information also reveals that investors misvalue the quality of earnings. Contrary to Fama [1998], these anomalies are robust to the three-factor model with equally or value-weighted portfolio returns.”

Show me the cash flow by Alfred Rappaport

Publicado en el Fortune Magazine, 19 september 18, 2002

“Rappaport is an authoritative source on matters of accounting. This article sets forth the reasons why current income statement accounting is a failure. Rappaport sets forth the basic principles for analyzing cash flow and for making the necessary adjustments in the income statement to reveal what is happening to the company’s liquidity. Rappaport calls the statement resulting from his adjustments the “value relevant income statement”.