الفهرس 
The role of accruals and cash flows in explaining stock returns : An empirical study
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Abstract
The purpose of this study is to examine the impact of accruals and cash flows and firm specific factors (liquidity, profitability and growth opportunities) on stock returns. The final model of the study was derived from the main objective, the variables desired from the literature review, and the gap not addressed in the literature review. The research model included three main variables: accruals, cash flows and stock returns. In order to achieve this study objective, secondary data were collected from the transaction records of accruals, cash flows and the financial statements of companies listed in the Cairo and Alexandria Stock Exchange that remained in the index EGX100 for the financial year 2013. Event study analysis, regression analysis and discriminant analysis were used as statistical analysis techniques, in order to analyze the data collected and to test the research{u2019}s hypotheses. Accruals and cash flows and its impact of stock returns in an emerging country; Egypt were investigated. The conclusions of this study are classified into two groups. The first group is related to accruals and stock returns. The second group is related to the impact of cash flows on stock returns. Findings of the first group suggested that, there is a significant relationship between accruals and stock returns. Conclusions of the second group highlighted cash flows have a significant impact on stock returns. Also, found that there is a significant relationship between liquidity and stock returns, and there is a significant relationship between profitability and stock returns. On the contrary, no effect was found between growth opportunities and stock returns. With regard to firms involved in frequent accruals and cash flows tend to have higher return on equity in smaller firm size than firms that don{u2019}t involve in accruals and cash flows. The disagreement persists despite numerous empirical studies on the topic.