The purpose of this study is to assess the ability of earnings and cash flows in providing greater information for equity valuation in Thailand in the period surrounding the 1997 financial crisis. The study of Thailand is important because it was the first of several Asian countries that faced an economic crisis in 1997. The usefulness of cash flows and earnings has been an issue for many years. The opportunistic use of accruals during the financial crisis may cause earnings to be a less reliable measure. However, cash flow information better provides useful information in assessing the firm’s liquidity, profitability, financial flexibility, and financial risk. Therefore, it is of interest to examine the usefulness of cash flows over time in relative to the usefulness of earnings.