The study looked at data from 110 Australian companies to see if a measure called economic value-added (EVA®) is better at predicting stock returns than other common financial measures like earnings and cash flow. They found that EVA® is more closely linked to stock returns than these other measures. The researchers used different statistical models and found that one called fixed-effects was the most suitable for their analysis. They also found that specific adjustments related to EVA® were important in explaining stock returns.