Regarding CFO, "CFOPS" does not appear in the CCM variable list. What should we use for this?


You could use OANCF, Operating Activities - Net Cash Flow, in the cash flow items input section of the WDRS CCM GUI. This item represents the net change in cash from all items classified in the Operating Activities section on a Statement of Cash Flows. Of course you might notice that coverage might be poor for this variable depending on how far back you are checking, in which case you could use O'Shaughnessy's construct, IB + DP. This calculated CF will have much better coverage. A spot check for IBM and GM and other companies reveals that OANCF is missing before FY 1988. A full universe pull (23MB) from 1970-2016 shows 88% coverage for DP and 93% coverage for IB, with a calculated CF therefore exhibiting 93% coverage, with only 60% coverage for OANCF.


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