

Detail
for Portfolios Formed on Accruals

Monthly Returns: 

July 1963  August 2019 



Annual Returns: 

1964  2018 



Portfolios: 

Accrual
quintiles; deciles. 



Construction: 

The portfolios are formed on Accruals (AC) at the end of each June using
NYSE breakpoints. AC for June of year t is the change in operating working capital per
splitadjusted share from the fiscal yearend t2 to t1 divided by book equity per share in t1. 



Stocks: 

All NYSE, AMEX, and NASDAQ stocks for which we have market equity data for June of t,
(positive) book equity data for t1, and nonmissing operating working capital data for t2 and t1. 
