Hirshleifer, David (contributor); Hou, Kewei (contributor); … - 2005
information to calculate operating accruals
(ACCRUAL), over the sample period 1963 through 2002. Annual excess returns are … assets.
We form aggregate ACCRUAL variables in two ways. We calculate ACCRUAL
VW
by taking a value-weighted average of … ACCRUAL
EW
by taking an equal-weighted average of accruals across all firms in our sample.
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In addition, we also employ …