Out-of-sample cash flow prediction and cash distributions to shareholders

摘要: Abstract This study provides empirical evidence that net cash distributions to shareholders provide a noteworthy context for improving the out-of-sample prediction of flow. Dechow et al. (2008) suggest is an indicator future flow, and current hypothesizes accuracy forecasts increases with magnitude shareholder distributions. The results are consistent this hypothesis one-year-ahead forecasts, robust controls firm size. Moreover, indicate effect largely subsumes size free but not operating suggests proxy stability investing stability. Overall, practical analysts, creditors others consider when generating flow forecasts.