Hirshleifer, David; Hou, Kewei; Teoh, Siew Hong; Zhang, … - 2004 - [Elektronische Ressource]
cumulative free cash flow (cash value-added), subsequent earnings growth is weak. If
investors with limited attention focus on … the difference between net operating income and free cash flow
(see Penman (2004), p.230 for the identity in change form … operating assets as follows. Since free cash flow is the
difference between cash flow from operations and investment, we obtain …