Person:
Sánchez Alegría, Santiago

Profile Picture

Email Address

person.page.identifierURI

https://academica-e.unavarra.es/handle/2454/49955

Birth Date

Research Projects

Organizational Units

Job Title

Last Name

Sánchez Alegría

First Name

Santiago

person.page.departamento

Gestión de Empresas

person.page.instituteName

INARBE. Institute for Advanced Research in Business and Economics

ORCID

0000-0003-2039-7597

person.page.upna

5925

Name

Filters

20121
Reset filters

Settings

Has files: true × Subject: Cash flows ×

Search Results

Now showing 1 - 1 of 1
  • Thumbnail Image
    PublicationOpen Access
    The role of accounting accruals for the prediction of future cash flows: evidence from Spain
    (Springer, 2012) Arnedo Ajona, Laura; Lizarraga Dallo, Fermín; Sánchez Alegría, Santiago; Gestión de Empresas; Enpresen Kudeaketa; Gobierno de Navarra / Nafarroako Gobernua
    The aim of this study is to determine whether accruals have information value beyond that provided by isolated current cash flows for the prediction of future cash flows. Using a sample of 4,397 Spanish companies (mostly privately held), we estimate in-sample regressions of future cash flows on isolated current cash flows and on accrual-based earnings. We then find that the out-of-sample prediction errors provided by the accrual-based earnings model are significantly lower than those obtained with the cash flows model. We also regress the decrease in prediction errors brought about by the addition of accruals on a set of firm-specific circumstances where accounting manipulation is expected. In all cases the decrease in prediction errors is significantly affected in the hypothesized direction.