continuing improvement in accounting standards and market regulations. Narktubtee (2000) also finds the consistent evidence that earnings provided information content to market during the period of 1994–1997. However, to my knowledge, there is little evidence on the usefulness of cash flows over time. To extend prior research, this study examines the usefulness of earnings and cash flows during the pre-crisis, crisis, and postcrisis periods. During the pre-crisis period, this study predicts that earnings can better explain stock returns and investors pay less attention to the information of cash flows, consistent with prior research.