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“Earnings versus Cash Flows in Equity Valuation:
Evidence from the COVID-19 Crisis,”

by Jeong-Bon Kim, Junwoo Kim and Jay Junghun Lee,
dated July, 2025


This paper shows that operating cash flows outperform net earnings in developing equity valuations during an exogenous shock (using the pandemic period as an example).  

Note: Full-text of this paper can be obtained by clicking on the above title.


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