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Corporate Brochure and White Paper |
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The Cash Flow Analytics™ model was developed in 2006 using proprietary financial statement data and share price returns across the 1998 - 2005 time period. The model is effective in generating abnormal returns across all size quintiles, but especially for small and mid-capitalization stocks. For small market capitalization firms (those with market caps of up to approximately $1.4 billion) we find that high score firms outperform a size-based benchmark up to 79.3% of the time with abnormal returns of up to 13.3% per year. Low score firms underperform a size benchmark 93.1% of the time with abnormal returns of up to 19.1% per annum. An examination of a zero investment strategy indicates that high score firms outperform low score firms by as much as 35.0% per year. Additional analyses show that abnormal returns are maintained even when controls are included for risk and stock-price momentum or when illiquid stocks are removed. Moreover, we find that model-based holding periods are at least three months in length and for 25% of the identified stocks, holding periods are six months or longer. Please refer to the White Paper - Scoring Model document.
Subsequent to its development, in separate studies conducted in April 2007, January 2008, and May 2009, the model was retested using data for the 2000 - 2006 time frame, for calendar year 2007, and for calendar year 2008. In these out-of-sample tests, the model continues to generate strong abnormal returns for both small and large capitalization stocks. Please refer to the White Paper 2006 Update, White Paper 2007 Update, and White Paper 2008 Update documents.
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Books |
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These books are a terrific source of information for investment decision making. They reflect the foundational thinking behind the Cash Flow Analytics Value Analyzer. |
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Dr. Mulford and Dr. Comiskey
I wanted to pass along my highest compliments to you gentlemen on your book Creative Cash Flow Reporting - Uncovering Sustainable Financial Performance. I have over 400 business books in my personal library, over 100 of them deal with either advanced financial analysis and financial modeling, or FASB / GAAP matters. Your book is the greatest book I have ever read in the finance arena.
It is clear, well written, and provides a breath of fresh air, as well as a radical departure from standard finance and accounting methods and thought in the area of operating cash flow, and overall "valuation". In my opinion, your book has blazed a new trail, in the field of cash flow analysis and forensic accounting and I believe you two gentlemen are playing in a league all by yourself, when it comes to deeper thinking about the conceptual framework of accounting and finance. Without question, the finest book I have ever read in the field. I have one word: WOW !!
Sincerely,
Brian
Chief Operating Officer / Chief Financial Officer
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Reports |
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These reports are examples of the types of full and custom reports that you can create using the Cash Flow Analytics Value Analyzer. |
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