The results indicate that earnings

The results indicate that earnings can better
explain stock returns in the pre-crisis period
than in the crisis and post-crisis periods. In
contrast, cash flows can better explain stock
returns during the crisis and post-crisis periods
than in the pre-crisis period. The results show
that the value relevance of cash flows increases
while the value relevance of earnings declines
over the periods when the two measures are
considered simultaneously. Overall, earnings are
more important than cash flows in explaining
the variation in stock returns during the pre-crisis
period. However, the superiority of earnings over
cash flows declines during the financial crisis and
post-crisis periods. Therefore, the findings suggest
an increase in the importance of cash flows in
explaining stock returns over time.