Balance-Sheet Accruals: An Overlooked Signal of Future ...

The 20% of US large-cap stocks with the lowest balance-sheet accrual growth (BSAs) outperformed the 20% with the highest BSAs over the past 26 years by 9.3% a year (Display 1). While the lowest accrual stocks outperformed by 4.7% a year on average, the highest accrual stocks underperformed by 4.6%. ................
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