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Analysts' Cash Flow Forecasts and the Decline of the Accruals Anomaly


  • Accepted by Steve Salterio. An earlier version of the paper was presented at the 2012 Contemporary Accounting Research Conference, generously supported by the Canadian Institute of Chartered Accountants. The author would like to thank Steve Salterio, the discussant Katherine Schipper, two anonymous referees, Sid Balachandran, Urooj Khan, Gordon Richardson, Julian Yeo, and seminar participants at the 2012 CAR Conference, Columbia Business School, University of Toronto, Ohio State University, Carnegie-Mellon University, IIM-Bangalore, INSEAD, RSM-Erasmus University and the Indian School of Business. The author acknowledges generous research support funding from the Certified General Accountants of Ontario (CGA Ontario) and the Rotman School of Management.