Studies Such as Bowen,Burgstahler and Daley (1986)and Cheng and Hollie

Studies such as Bowen,Burgstahler and Daley (1986) and Cheng and Hollie (2008) in the USA and Percy and Stokes (1992) ,Cotter (1996) and Clinch Sidhu and Sin (2002) in Australia have found:

A) cash flow data appeared to be similar to profit data
B) cash flow data was significantly different from profit data
C) there was no relation between profit and cash flow data
D) none of the above