An Empirical Study on the Usefulness of Quarterly Cash Flow Information

自2011年4月1日起，与季度披露相关的政策得到简化。自那以来，披露第一季度和第三季度现金流信息已成为自愿行为。在这项研究中，我比较了自愿披露截至2012年3月的财年第一季度和第三季度现金流相关信息的公司和没有披露相关信息的公司。结果显示，自愿披露第一季度和第三季度现金流信息的公司比选择不披露第一季度和第三季度现金流信息的公司拥有更高的资产回报率(ROA)和更大的投资机会集。

Beginning on April 1, 2011, policies related to quarterly disclosures were simplified. Since that date, disclosures of first- and third-quarter cash flows information have become voluntary. In this study, I compared firms that voluntarily disclosed information related to their first- and third-quarter cash flows in the fiscal year ending in March of 2012 with those that did not. Results show that firms that voluntarily disclose information regarding their first- and third-quarter cash flows have higher returns-on-assets (ROA) and larger investment opportunity sets than firms that choose not to disclose information related to their first- and third-quarter cash flows.