This webpage contains the programs used to produce Table 1 in the paper titled "Do Cash Flows of Growth Stocks Really Grow Faster?". Please email chenhf@pbcsf.tsinghua.edu.cn if you find bugs.

Run the following programs sequentially.

step 1: run sas program 1, sas program 2, and sas program 3 on wrds. You need to change the directory. You also need sas data file 1.

step 2: download the output files "adata20vw.sas7bdat" and "cfratiobh20vw.sas7bdat" to your local computer.

step 3: run sas program 4 on your local computer. You also need sas data file 2. In the last step of sas program 4, the macro step19 is called three times (modern, early, and full sample periods). Call the macro step19 one at a time, and the result is in the "CFbhformat.xls" file.