The following references are relevant to how these characteristics relate to expected stock returns
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Drake, Michael S., Myers, James N. and Myers, Linda A., Disclosure Quality and the Mispricing of Accruals and Cash Flow (April 2007). Available at SSRN: http://ssrn.com/abstract=985949
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Sloan, Richard G., 1996, Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review 71, 289-315.
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